{"id":464453,"date":"2026-09-15T12:34:09","date_gmt":"2026-09-15T12:34:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/464453\/"},"modified":"2026-09-15T12:34:09","modified_gmt":"2026-09-15T12:34:09","slug":"san-jose-apartment-complex-is-bought-by-affordable-homes-nonprofit","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/464453\/","title":{"rendered":"San Jose apartment complex is bought by affordable homes nonprofit"},"content":{"rendered":"

SAN JOSE \u2014 An East San Jose apartment complex has been bought by a nonprofit that specializes in affordable housing in a deal that could help keep rents within reach of people with modest incomes.<\/p>\n

Avana San Jose has been bought for $85.5 million by an affiliate of Bedford Affordable Housing Foundation<\/a>, according to documents filed Sept. 14 with the Santa Clara County Recorder\u2019s Office.<\/p>\n

Of particular interest in this deal: Los Angeles-based Bedford Affordable Housing<\/a> specializes in creating and preserving affordable housing, sometimes in the wake of the nonprofit\u2019s purchase of market-rate apartment complexes.<\/p>\n

The 220-unit Avana San Jose complex, at 995 Tully Road, is poised to wind up as this sort of endeavor. The property is a market-rate residential hub that was sold by an affiliate of Greystar Real Estate Partners.<\/p>\n

Purchase documents suggest that Bedford Affordable aims to set aside, over time, some of the market-rate units for people whose incomes don\u2019t exceed 80 percent of the South Bay\u2019s area median income.<\/p>\n

In mid-2026, the area median income<\/a> for Santa Clara County was $143,850 for a one-person household and $205,500 for a household of four people, according to a post by 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.<\/p>\n

The Bedford 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., aka Freddie Mac.<\/p>\n

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

It appears Bedford Affordable bought the apartment complex at an attractive price. In 2019, the Greystar affiliate bought the property for $80 million, which means the value of the residential hub\u2019s property has risen just 6.9 percent, or an average of 1 percent a year.<\/p>\n

In June 2026, Bedford Affordable 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 the 262 units in that property 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.<\/p>\n

\u201cWe are a nonprofit organization committed to creating and maintaining affordable housing and related services for low-income and very low-income individuals and families,\u201d Bedford Affordable Housing states on its website.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 An East San Jose apartment complex has been bought by a nonprofit that specializes in…\n","protected":false},"author":2,"featured_media":464454,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[182886,182885,5751,88,90,89],"class_list":["post-464453","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-avana-san-jose","tag-bedford-affordable-housing-foundation","tag-nonprofit","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/464453","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=464453"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/464453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/464454"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=464453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=464453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=464453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}