SAN JOSE — Beverly Hills-based Post Investment Group purchased another affordable apartment complex in San Jose in a deal that shows there is still interest in South Bay residential hubs despite uncertainties in the region’s housing sector.
Through an affiliate, the company bought the 130-unit Cherry Creek apartment complex at 2020 Southwest Expressway for just under $34.2 million, documents filed on March 3 with the Santa Clara County Recorder’s Office show.
The deal represented the second San Jose apartment property bought recently by a unit of Post Investment. The company paid $41 million for a 152-unit apartment complex at 1930 Almaden Rd. in South San Jose, county real estate documents filed on March 2 show.
Post Real Estate Group, a subsidiary, owns multifamily residential properties in 12 states, according to the company’s website.
“Post Real Estate Group builds stronger communities through smart, impact-driven investments in multifamily and affordable housing,” the company states on its website.
Cherry Creek fetched a price of $262,700 a unit, while the complex on Almaden Road was bought for $269,700 per apartment.
The residential hubs are geared toward low-income residents, with both participating in the federal Low Income Tax Credit program that informally is known as Section 42, according to websites of the respective properties.
The maximum yearly income for one person renting a unit at Cherry Creek would be $84,000, while a four-person household’s yearly income limit would be $119,940.
Both deals arrive at a time when the South Bay apartment market is showing strength as well as being haunted by some financial setbacks.
A loan default has jolted The Neo on First at 975 South First St. in San Jose, while a foreclosure has left a lender as the owner of The Fay, a 336-unit, 23-story tower at 10 East Reed St. in downtown San Jose.