San Jose Community Completed
The search for affordable, high-quality apartment homes in the expensive San Jose market just got easier, as Simpson Housing Solutions, LLC announced the completion of construction on Almaden Family Apartments, a 226-unit affordable multifamily apartment community located at 1501 Almaden Expressway.
The new community includes large, hard to find 3-bedroom apartment homes, all with a generous 1,197 square feet of living space and 2 baths. Other units range from 631-979 square feet with 1 or 2 bedrooms. Every apartment has been set aside for households earning a maximum of 50% to 60% of the area median income for Santa Clara County, as published by the Dept. of Housing and Urban Development. Monthly rents range from $952 to $1,151 for a 1-bedroom apartment, from $1,137 to $1,378 for a 2-bedroom unit, and $1,310 to $1,586 for 3 bedrooms – all well below prevailing market-rate rents for comparable apartments in the area.
“New affordable communities like Almaden Family Apartments are designed specifically to meet the needs of working families with children,” said Michael Costa, President of SHS. “In addition to contributing new housing stock in areas where most existing multifamily housing is older and offers fewer amenities, SHS is creating more quality choices for these growing families, and we were proud once again to work closely with the City of San Jose on this exciting project,” he added.
Almaden features classic California contemporary garden-style architecture, and was designed by Maple Dell + McClelland Architects. Amenities include professional landscaping, clubhouse/community room, computer learning center, fitness and business centers, sparkling pool and spa, laundry rooms, outdoor BBQ areas and a tot lot. It is located near public transit, schools, shopping and recreational facilities.
Individual apartments offer built-in kitchen appliances, central heating/air conditioning, free high-speed internet access, smoke alarms, patios or balconies, walk-in closets, and plush carpeting and vinyl flooring. Ample resident parking is available.
A resident services coordinator will coordinate free on-site computer classes and programs, as well as create a referral network of local service providers and community-based resources for residents.
SHS partnered with the nonprofit Community Housing Developers and the Las Palmas Foundation on the project, the total development cost of which was $74.6 million. Financing consisted of an allocation of 4% federal low-income housing tax credits, $31.3 million in tax-exempt housing bonds, a loan from the city of $13.8 million and developer equity. Both construction and permanent financing were arranged through Citibank.