SAN JOSE — Hundreds of affordable homes could sprout near a San Jose train station after a long-time Bay Area developer and an experienced builder of affordable homes teamed up to buy the site for the project.
Green Valley Corp., headed by veteran developer Case Swenson, joined forces with Pacific Housing Inc. to buy a triangle-shaped section of a 13-acre site at 1655 Berryessa Road in East San Jose, documents filed in Santa Clara County show.
The project is slated to produce 260 apartments, of which 257 will be affordable units. Three of the apartments will be market-rate manager’s units, a file posted by the state Treasurer’s Office shows.
An affiliate controlled by Green Valley and Pacific Housing paid roughly $15 million to purchase the development site, according to a grant deed filed on May 5 with the County Recorder’s Office.
The sellers in the deal were five family trusts headed up by members of the Facchino family that had owned the property for decades, the county documents show.
The Facchino family started in the trucking business in 1931 at Sixth and Taylor streets near downtown San Jose. The family bought the Berryessa Road property in 1972.
“The completion of this sale between the Facchino family and the Swenson organization will deliver badly needed affordable housing within walking distance to the Berryessa BART Station,” said Ralph Borelli, a San Jose-based real estate executive who arranged the transaction.
The Green Valley and Pacific Housing affiliate also landed $130.5 million in funding from the California Municipal Finance Authority, the county documents show. The finance entity transferred the loan to Delaware-based Wilmington Trust, which now holds the note.
“This project checks a number of the city’s land-use policy boxes,” said Erik Schoennauer, a San Jose-based land-use and planning consultant.
Schoennauer added that the housing would be built near parks, shops and restaurants.
Berryessa Family Apartments is the name of the affordable housing development, according to a post by the Treasurer’s Office.
The project will have 93 one-bedroom units, 102 two-bedroom units, and 65 three-bedroom units, serving families with rents affordable to households earning 30% to 70% of the area median income.
In April 2025, the area median income for Santa Clara County was $136,650 for a household of one and $195,200 for a household of four, according to the state Housing and Community Development Department. Updated numbers for 2026 hadn’t been posted in time for the publication of this story.
This would mean the income limits at this development would range from $40,995 to $95,655 for a one-person household, and from $58,560 to $136,640 for a household of four people.