"We're really aligned with the town in trying to provide as much affordable housing as we can, so we have elected to donate 1.5 acres to ... Eden Housing, to build a 100% affordable project on site," said Steve Buster, senior vice president of Grosvenor Property Americas.
"The average home value in Los Gatos is $2.5 million, according to Zillow, which is 3.5% lower than last year."
Eden Housing President Linda Mandolini estimates that rental units in the affordable project could range from $1,000 to $2,500 per month.
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