Updated Oct 29, 2024
Santa Clara County Housing Authority Acquires 102 Senior Affordable Apartments In East San Jose From U.S. Housing & Urban Development Department For $6.8M
132 N Jackson Ave San Jose, Ca 95116, Usa
$6,800,000
Units
102
Asset Type
MultiFamily
Closing
Jul 20, 2023
About this deal
AI
The Santa Clara County Housing Authority has purchased 102 senior affordable apartments in East San Jose for $6.8 million. The property, located at 132 North Jackson Avenue and 1710 Alum Rock Avenue, is a multifamily asset. This transaction ensures the preservation of affordable housing for the current residents.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,800,000
- Units: 102
- Price Per Unit: $66,667
The Santa Clara County Housing Authority, represented by Fidel Contreras, acted as the buyer in this deal. They acquired the property from the U.S. Housing & Urban Development Department, represented by Preston Prince as the seller.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.33%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93