Post Glen Group Snatches San Jose Affordable Apartments

A San Jose apartment complex with affordable income-restricted units has come under new ownership.

Los Angeles-based real estate firm Post Glen Group led the purchase of the Orchard Glen apartments in south San Jose for $61.1 million, The Mercury News reported. Newport Beach-based nonprofit Affordable Housing Access was also part of the buying group. Located at 3975 Seven Trees Boulevard, Orchard Glen, built in 1978, consists of 288 units across nearly a dozen two-story buildings. The community has a bevy of income restrictions in place on numerous apartments, according to the Mercury News.

“This property participates in the federal affordable housing program called Low-Income Housing Tax Credit, also known as Section 42,” Orchard Glen reportedly says on its website. “The low-income housing tax credit program strives to increase housing access and affordability and to expand the availability of quality community services for the people of California.”

In order to live in the complex, applicants and residents “must be income-eligible” and are “required to complete recertification paperwork annually.” For a household of four, the annual income limit for tenants is $119,540, or just above 60 percent of the area median income for Santa Clara County. For a family of four, area median income in Santa Clara County would be $195,200 annually or $136,650 for one person.

Affordable housing complexes have been proposed across San Jose as the city looks to meet its housing goals in the coming years.

In November, an affiliate of the Santa Clara County Housing Authority paid $4.1 million for a lot at 715 East Saint John Street in downtown San Jose. The agency plans to build a 103-unit affordable housing complex for seniors, homeless residents and families with special needs on the site.

One family trust led by John Filice of Gilroy has filed plans to build a six-story complex at 1099, 1101, 1145 and 1155 South Bascom Avenue. And in the Alviso neighborhood, Los Angeles-based LH Housing is seeking to build 780 modular homes at 7 Topgolf Drive.

The city of San Jose aims to build 62,200 new homes by 2031 as part of its Regional Housing Needs Allocation.

— Chris Malone Méndez