SAN JOSE — A real estate firm has paid more than $10 million to buy a San Jose site where a large affordable development project is in the works.
Danco Group, which specializes in affordable housing projects, paid $10.5 million for the property, according to documents filed on Nov. 12 with the Santa Clara County Recorder’s Office.
Light rail train stops near an affordable housing development at 1207 North Capitol Avenue in east San Jose, concept.
The development would produce 129 affordable residences, according to the Danco Group’s website. It would be built on the site the company has just bought.
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“The 1207 North Capitol Multifamily Housing project addresses the critical need for affordable housing while nurturing a sense of community and well-being among residents and the broader neighborhood,” Danco Group states on its website.
Corporation for Supportive Housing, a New York City-based nonprofit, provided $14 million in financing to the Danco Group affiliate, the county documents show.
Although the property purchase deal has been completed, it wasn’t immediately clear when Danco Group might begin construction on the project.
“The 1207 North Capitol multifamily housing project is a forward-thinking development in San Jose’s Alum Rock neighborhood,” Danco said in the web post.
The apartment complex is a transit-oriented development, according to the developer.
A light rail station is located near the property site.
“The project includes over 13,000 square feet of communal areas such as lounges, community rooms, fitness facilities, and exterior open spaces,” Danco states on its website. “These areas promote physical health, recreation, and socialization, fostering human connections and a strong sense of community.”
The project is near two retail centers and restaurants, as well as single-family homes.
“With careful planning and a focus on creating a dynamic residential community, the project will be a fundamental part of the Alum Rock community in San Jose,” Danco states on its website.