SAN JOSE — Real estate investors from Beverly Hills have paid more than the property’s assessed value to buy a San Jose apartment complex that is geared toward low-income residents.
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’s Office show.
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.
Beverly Hills-based Post Investment Group owns a real estate subsidiary whose specialties include affordable housing.
The purchase was made at a time when some San Jose apartment properties have experienced mixed fortunes in their finances.
Other residential properties are being bought at robust prices, including two apartment hubs in the Santana Row mixed-use neighborhood in west San Jose and two apartment complexes that are across the street from each other in south San Jose.
The 1930 Almaden apartment complex was purchased at a price of around $269,700 a unit. That’s on the lower range of the per-unit values for other apartment properties in San Jose within the last year.
The just-bought apartments, however, are geared toward low-income residents. The property participates in the federal Low Income Housing Tax Credit program, unofficially known as Section 42, according to the residential hub’s website.
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.
A subsidiary of the new ownership group for the just-bought 1930 Almaden apartments, Post Real Estate Group, owns apartment properties in 12 states, according to the company’s website.
“Post Real Estate Group builds stronger communities through smart, impact-driven investments in multifamily and affordable housing,” the company states on its website.
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