The City of San Jose has assisted in purchasing a seven-story apartment complex at 787 The Alameda by Diridon Station. The city has committed to financing “not to exceed $100,000,000 of tax-exempt multifamily housing revenue bonds by the California Municipal Finance Authority” to allow Catalyst Impact Fund to purchase the building. Once complete, Catalyst will oversee converting 168 units into affordable housing.
The project was built between 2016 and 2018 by Mill Creek Residential. The complex has 168 units, of which there is one studio, 102 one-bedrooms, 59 two-bedrooms, five three-bedrooms, and one manager’s unit. The ground level includes 18,000 square feet of retail, which is occupied by a hardware store, yoga studio, and restaurant.
Current residents of 787 The Alameda are expected to remain onsite. The occupied units will transition to affordable upon move-out. Existing residents who can quality for affordable housing will be offered affordable housing for lease renewal. Once 100% affordable, 34 units will be designated as affordable to households earning around half of the Area’s median Income, and 134 units will be for households earning 80% of the Area’s Median Income.
The sale is expected to be finalized by the start of next year. In the financing agreement, the city acknowledges this sale is linked to their obligation to build 34,210 units of affordable units to meet the Regional Housing Needs Allocation requirements between 2023 and 2031. This is a portion of the city’s overall 62,200-unit allocation.
The property is located along The Alameda between Stockton Avenue and Sunol Street. Residents will be a block from the SAP Center just north of the Diridon Station transit hub.