Beverly Hills investors grab low-income housing apartments in San Jose

"The 152-unit apartment property at 1930 Almaden Road in south San Jose has been bought for $41 million by an affiliate controlled by Post Investment Group, documents filed on March 3 with the Santa Clara County Recorder's Office show. The purchase price was 20.6% above the most recently available assessed value of $34 million for the 1930 Almaden apartment property, county real estate files show."

"The just-bought apartments, however, are geared toward low-income residents. The property participates in the federal Low Income Housing Tax Credit program, unofficially known as Section 42, according to the residential hub's website. Among the examples of the income limits at 1930 Almaden: One person renting an apartment would be obliged to have a yearly income of no more than $82,620, the website states."

"A subsidiary of the new ownership group for the just-bought 1930 Almaden apartments, Post Real Estate Group, owns apartment properties in 12 states, according to the company's website. Post Real Estate Group builds stronger communities through smart, impact-dri"

Post Investment Group, a Beverly Hills-based real estate firm specializing in affordable housing, acquired a 152-unit apartment complex at 1930 Almaden Road in San Jose for $41 million. The purchase price exceeded the property's assessed value of $34 million by 20.6%, translating to approximately $269,700 per unit. The complex participates in the federal Low Income Housing Tax Credit program, with income limits for residents including $82,620 annually for single occupants and $118,020 for four-person households. This acquisition occurred amid mixed financial performance in San Jose's apartment market, though other residential properties continue selling at robust prices. Post Real Estate Group, the purchasing subsidiary, operates apartment properties across 12 states.

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