Orchard Glen, an apartment complex in San Jose, was purchased for $61.1 million by a Los Angeles real estate firm and a nonprofit focused on affordable housing. Built in 1978, the property consists of 288 units and includes income-restricted units with ties to a federal affordable housing program. The purchase price, about 4.4% below its assessed value, points to a weakening multifamily market in the Bay Area, raising concerns about potential financial impacts on local public agencies reliant on property tax revenue.
The buying group, including a nonprofit, purchased Orchard Glen for $61.1 million, reflecting slight declines in multifamily property values in the Bay Area.
With the purchase price being 4.4% below the assessed value, this acquisition indicates potential pressure in the apartment market.
Declining property values may affect important revenue streams for public agencies, showcasing the broader implications of this market trend on community finances.
Orchard Glen, consisting of 288 units, participates in the federal affordable housing program, helping to maintain its aim of providing affordable living.
Collection
[
|
...
]