ADDRESS:
1501 Almaden Expressway
San Jose, CA 95125
(408) 275-1922
A picture of the Almaden Site Picture of Almaden Family
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
