ADDRESS:

1501 Almaden Expressway

San Jose, CA 95125

COUNTY: Santa Clara

AWARDS:

MultiFamily Executive Magazine

Project of the Year: Affordable - Merit Award Winner

Project of the Year: Best Reuse of Land - Merit AWard Winner

MultiHousing News

Design Excellence - Finalist

PROJECT DESCRIPTION: Las Palmas, in partnership with Simpson Housing Solutions, completed construction on an affordable family apartment complex in San Jose, California, in July 2007. Almaden Family Apartments offers 226 units, including large, hard to find 3-bedroom models which help meet the needs of working families with children. The community is affordable to families earning between 50% - 60% of the area median income.

The complex features a 2,175 square foot clubhouse/community room, which houses a large multi-purpose social room equipped with a big screen television, fireplace, relaxing lounge seating, and game tables. The clubhouse also includes a computer learning center, fitness and business centers, as well as on-site manager and leasing offices, a full kitchen, interior mailroom, and an attached laundry room. The landscaped grounds feature a tot lot, sparkling pool and spa.

Almaden Family Apartments is located near grocery stores and banks, as well as public transit and a light rail station.

PROPERTY MGMT: TBD

FINANCING:

Tax Credit Equity Partner: Simpson Housing Solutions

Construction Lender: Citibank (West), F.S.B.

Permanent Lender: GMAC

Residual Receipts Loan: City of San Jose

UNIT MIX:

83 1-bedrooms (630 - 710 Sq. Ft.)

128 2-bedrooms (890 - 980 Sq. Ft.)

14 3-bedrooms (1,200 Sq. Ft.)

100% AFFORDABLE:
46 units - 50% AMI

177 units - 60% AMI

RESIDENT SERVICES: More Information

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