SAN JOSE \u2014 Real estate investors from Beverly Hills have paid more than the property\u2019s assessed value to buy a San Jose apartment complex that is geared toward low-income residents.<\/p>\n
The 152-unit apartment property at 1930 Almaden Road in south San Jose has been bought for $41 million by an affiliate controlled by Post Investment Group, documents filed on March 3 with the Santa Clara County Recorder\u2019s Office show.<\/p>\n
The purchase price was 20.6% above the most recently available assessed value of $34 million for the 1930 Almaden apartment property, county real estate files show.<\/p>\n
Beverly Hills-based Post Investment Group owns a real estate subsidiary whose specialties include affordable housing.<\/p>\n
The purchase was made at a time when some San Jose apartment properties<\/a> have experienced mixed fortunes<\/a> in their finances.<\/p>\n Other residential properties are being bought at robust prices<\/a>, including two apartment hubs in the Santana Row<\/a> mixed-use neighborhood in west San Jose and two apartment complexes<\/a> that are across the street from each other<\/a> in south San Jose.<\/p>\n The 1930 Almaden apartment complex was purchased at a price of around $269,700 a unit. That\u2019s on the lower range of the per-unit values for other apartment properties in San Jose within the last year.<\/p>\n The just-bought apartments, however, are geared toward low-income residents. The property participates in the federal Low Income Housing Tax Credit program<\/a>, unofficially known as Section 42, according to the residential hub\u2019s website.<\/p>\n Among the examples of the income limits at 1930 Almaden: One person renting an apartment would be obliged to have a yearly income of no more than $82,620, the website states. A four-person household would have an income limit of $118,020.<\/p>\n