SAN JOSE — A development that could produce nearly 200 affordable homes near a San Jose BART site is making progress after the project’s key players completed multiple real estate deals linked to the property.
The project is poised to create 195 apartments at 1565 Mabury Road in the Berryessa district of northeast San Jose, documents filed with the Santa Clara County Recorder’s Office show.
San Diego-based Affirmed Housing is leading the efforts to develop the 10-story apartment complex on empty land next to the parking garage for the Berryessa BART station in northeast San Jose, public records show.
The real estate firm obtained a ground lease from the Santa Clara Valley Transportation Authority, according to the county files. An Affirmed Housing affiliate paid the VTA $11.1 million to lease the land on which the building will sprout.
Affirmed Housing also has been approved for $162.6 million in permanent financing for the development, documents posted by the state Treasurer’s Office show.
The financing consisted of an array of tax-exempt and other funding instruments such as tax credits. These included $42.3 million from Citibank, $11.1 million from Santa Clara County and $9.9 million from San Jose. Some of these deals were recorded this month.
The project, when complete, will consist of 193 affordable housing units and two market-rate units for on-site property managers.
Of the 193 apartments, 45 will be studios, 43 will be one-bedroom units, 53 will be two-bedroom units, and 52 will be two-bedroom residences, Santa Clara County real estate records show.
The affordable residences will be set aside for households that make no more than 80% of the area median income for Santa Clara County.
In April 2025, the area median income was $195,200 for a household of four and $136,650 for a household of one, a post on the state Housing and Community Development site shows.
Using an 80% benchmark, the maximum allowed income would be $156,160 for a four-person household and $109,320 for a one-person household.