Beverly Hills company purchases another affordable apartment hub in San Jose

"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."

"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."

"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."

Post Investment Group, a Beverly Hills-based company, acquired two affordable apartment complexes in San Jose through recent transactions. The Cherry Creek complex with 130 units sold for $34.2 million, while a 152-unit property on Almaden Road sold for $41 million. Both properties participate in the federal Low Income Tax Credit program and serve low-income residents with income limits around $84,000 for individuals and $119,940 for four-person households. The per-unit prices were $262,700 and $269,700 respectively. Post Real Estate Group operates multifamily residential properties across 12 states. These acquisitions signal investor confidence in South Bay residential markets, though the region faces challenges including loan defaults and foreclosures at other apartment complexes.

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