SAN JOSE — A deal to buy an East San Jose apartment complex that includes a wide-ranging “rehabilitation” of the property is poised to keep units affordable.
Affirmed Housing Group and Compass Affordable Housing have teamed up through an affiliate to pay $18.6 million for the 86-unit Fairways at 305 San Antonio Ct., documents filed on Dec. 15 with the Santa Clara County Recorder’s Office show.
At the time of the purchase, the new ownership group landed a $19.9 million loan from the California Building Finance Authority, county records show.
San Jose also agreed to provide the new owners with $14.3 million in new financing that replaced a previous loan for the property, according to a city staff report.
“This transaction ensures the development continues to meet its goal of preserving affordable multi-family rental units for extremely low-, very low-, and low-income households,” the city report stated.
The units are being made affordable to individuals and households with incomes that range from 25% to 50% of the area median income for Santa Clara County.
In 2025, the area median income for the South Bay was $136,650 for one person and $195,200 for a household of four people, according to the state Housing and Community Development Department.
This means the annual income limits would range from roughly $34,160 to $68,300 for one person and from $48,800 to $97,600 for a four-person household, the state agency’s estimates show.
Significant upgrades are in the works for the complex, according to a staff report prepared for an April meeting of the California Debt Limit Allocation Committee.
“The rehabilitation project will address critical building repairs, improve resident living conditions, and enhance sustainability,” a San Jose city staff report stated. “Key upgrades include new landscaping, a refreshed public park, improved stormwater drainage, and modernization of courtyards.”
The work is also slated to upgrade the roof, structure, and foundation, as well as improve energy efficiency.
Construction work to revamp Fairways was due to begin before the end of 2025. It was expected to take about a year to complete.
Elsewhere, a $90 million purchase of the Lido Square Apartments in Pittsburg on Dec. 12 has paved the way to keep that 173-unit residential hub affordable as well as enable an upgrade of the property.