Modera The Alameda, a 168-unit apartment complex in downtown San Jose near the SAP Center and Diridon train station, has been bought for $78.2 million, according to documents filed on Feb. 1 at the Santa Clara County Recorder's Office.
The funding package of $100 million would be used for the acquisition, rehabilitation, improvement, and equipping of 167 apartments and one manager's unit to transition to an affordable housing development, a city staff report states.
San Jose lacks a sufficient amount of affordable housing to meet residents' needs, a city staff report states. The report added that The Modera conversion plan will create much-needed affordable housing.
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