SAN JOSE \u2014 Beverly Hills-based Post Investment Group purchased another affordable apartment complex in San Jose in a deal that shows there is still interest in South Bay residential hubs despite uncertainties in the region\u2019s housing sector.<\/p>\n
Through an affiliate, the company bought the 130-unit Cherry Creek apartment complex at 2020 Southwest Expressway for just under $34.2 million, documents filed on March 3 with the Santa Clara County Recorder\u2019s Office show.<\/p>\n
The deal represented the second San Jose apartment property<\/a> bought recently by a unit of Post Investment. The company paid $41 million for a 152-unit apartment complex at 1930 Almaden Rd. in South San Jose, county real estate documents filed on March 2 show.<\/p>\n Post Real Estate Group, a subsidiary, owns multifamily residential properties<\/a> in 12 states, according to the company\u2019s website.<\/p>\n \u201cPost Real Estate Group builds stronger communities through smart, impact-driven investments in multifamily and affordable housing,\u201d the company states on its website.<\/p>\n Cherry Creek fetched a price of $262,700 a unit, while the complex on Almaden Road was bought for $269,700 per apartment.<\/p>\n The residential hubs are geared toward low-income residents, with both participating in the federal Low Income Tax Credit program<\/a> that informally is known as Section 42, according to websites of the respective properties.<\/p>\n The maximum yearly income for one person renting a unit at Cherry Creek would be $84,000, while a four-person household\u2019s yearly income limit would be $119,940.<\/p>\n Both deals arrive at a time when the South Bay apartment market is showing strength as well as being haunted by some financial setbacks.<\/p>\n A loan default has jolted The Neo on First<\/a> at 975 South First St. in San Jose, while a foreclosure has left a lender as the owner of The Fay, a 336-unit, 23-story tower<\/a> at 10 East Reed St. in downtown San Jose.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 Beverly Hills-based Post Investment Group purchased another affordable apartment complex in San Jose in a…\n","protected":false},"author":2,"featured_media":205256,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[184,387,7,3010,1335,1337,181,100,388,88,90,89,198,200],"class_list":{"0":"post-205255","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-jose","8":"tag-bay-area","9":"tag-business","10":"tag-california","11":"tag-commercial-real-estate","12":"tag-development","13":"tag-housing-development","14":"tag-latest-headlines","15":"tag-news","16":"tag-real-estate","17":"tag-san-jose","18":"tag-san-jose-headlines","19":"tag-san-jose-news","20":"tag-santa-clara-county","21":"tag-south-bay"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/205255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=205255"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/205255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/205256"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=205255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=205255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=205255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}