{"id":366133,"date":"2026-06-18T19:36:26","date_gmt":"2026-06-18T19:36:26","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/366133\/"},"modified":"2026-06-18T19:36:26","modified_gmt":"2026-06-18T19:36:26","slug":"summerhill-homes-cypress-equity-plan-rentals-in-san-jose","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/366133\/","title":{"rendered":"SummerHill Homes, Cypress Equity Plan Rentals in San Jose"},"content":{"rendered":"

SummerHill Homes<\/a> and Cypress Equity Investments are planning to replace a vacant office building in San Jose with affordable apartments and market-rate houses.\u00a0<\/p>\n

The California-based real estate firms are in contract to buy a 5.9-acre site at 3550 North First Street, which encompasses the empty office building, a surface parking lot and some vacant land, the Mercury News reported<\/a>. The developers plan to add 446 homes to the parcel.\u00a0<\/p>\n

LBA Realty is the seller. The proposed price hasn\u2019t been revealed.<\/p>\n

Plans call for 373 affordable apartments for rent and 73 townhouse-style condominiums that would be sold at market rate, SummerHill senior vice president of development Kevin Ebrahimi told the outlet.\u00a0<\/p>\n

The 100 percent affordable apartment component will have an affordability target of 60 percent of the area median income. The Santa Clara County area median income is $143,850 for one person or $205,500 for a household of four, with 60 percent working out to roughly $86,310 for an individual renter or $123,300 for a four-person home.\u00a0\u00a0<\/p>\n

An LBA affiliate acquired the site in February 2025 for $18.5 million, spending 42.9 percent less than the site\u2019s assessed value of $32.4 million the month prior.\u00a0<\/p>\n

An influx of tech and artificial intelligence companies and their workers is exerting pressure on the local multifamily and single-family markets.\u00a0<\/p>\n

In San Francisco, this has led to a mansion shortage<\/a> at the higher end of the market, while multifamily developers in San Jose and across Silicon Valley are looking to meet the growing demand for housing as more workers move in.\u00a0<\/p>\n

Earlier this month, an investor group in San Jose proposed an eight-story building at 945 West Julian Street<\/a> with 136 units on a half-acre site. Last month, Green Valley Corporation and Pacific Housing acquired a piece of land at 1655 Berryessa Road in San Jose for roughly $15 million with plans to erect a 260-unit affordable project known as Berryessa Family Apartments<\/a>.\u00a0<\/p>\n

\u2014 Chris Malone M\u00e9ndez<\/p>\n

\tRead more
\n\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\"SummerHill\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSan Francisco\t\t\t\t\t\t\t\t<\/p>\n

SummerHill plans for demo, townhome redevelopment in Cupertino<\/p>\n

\t\t\t<\/a>
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\t\t\t\t\t\t\t\t\t\t\t\t\t\"Summerhill\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSan Francisco\t\t\t\t\t\t\t\t<\/p>\n

SummerHill drops $18M on Palo Alto motel, retail parcels with plans for townhome redevelopment<\/p>\n

\t\t\t<\/a>
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SummerHill\u2019s $78M Los Gatos land buy paves way for affordable for-sale townhomes<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"SummerHill Homes and Cypress Equity Investments are planning to replace a vacant office building in San Jose with…\n","protected":false},"author":2,"featured_media":366134,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[88,90,89,148560],"class_list":["post-366133","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-summerhill-cypress-san-jose"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/366133","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=366133"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/366133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/366134"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=366133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=366133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=366133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}