SAN JOSE — A 220-unit East San Jose market-rate apartment complex was acquired by a nonprofit that specializes in affordable housing, according to documents filed Sept. 14 with the Santa Clara County Recorder’s Office.

An affiliate of Bedford Affordable Housing Foundation bought Avana San Jose at 995 Tully Road for $85.5 million, documents show.

An affiliate of Greystar Real Estate Partners was the seller in the deal. In 2019, the affiliate bought the property for $80 million.

Bedford Affordable Housing Foundation has created and preserved affordable housing after purchasing market-rate apartment complexes.

Documents suggest the Los Angeles-based nonprofit aims to set aside some of the units at Avana San Jose for people whose incomes don’t exceed 80 percent of the South Bay’s area median income.

“We are a nonprofit organization committed to creating and maintaining affordable housing and related services for low-income and very low-income individuals and families,” Bedford Affordable Housing states on its website.

In mid-2026, the area median income for Santa Clara County was $143,850 for a one-person household and $205,500 for a household of four people, according to the state Housing and Community Development Department. An 80 percent income cap would equate to $115,080 for one person and $164,400 for a four-person household.

In June, Bedford Affordable Housing Foundation paid $87.7 million for the Almaden Terrace apartment complex at 2118 Canoas Garden Ave. in San Jose. Bedford is obliged to ensure that at least 40 percent of its 262 units are set aside for low-income residents and at least 75 percent are set aside for people who make no more than 80 percent of the area median income.

The buying group obtained a $63.9 million primary loan from Wilmington Trust and a secondary loan of $1.8 million from CBRE Capital Markets. The CBRE loan was transferred to the Federal Home Loan Mortgage Corp., also known as Freddie Mac.

An additional $40.6 million in California-backed bonds also helped to bolster the financing package for the purchase, county records show.