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5/22/24
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CPP (Community Preservation Partners) has acquired Corinthian House, a 102-unit senior housing project in southwest San Jose, with plans to renovate the property. This is the fourth community in the Bay Area for CPP, joining Franco Center in Stockton, and El Rancho Verde and Lenzen Square Apartments in San Jose.
Built in 1982, Corinthian House is comprised of two elevator-served, three-story buildings on 1.75 acres. Located at 250 Budd Ave in the city’s Campbell neighborhood, the development consists of studio and one-bedroom apartments designated for seniors (62+) earning between 30% and 60% of the area median income (AMI) or below. CPP’s total development investment is approximately $38 mil, which includes the purchase price of $21 mil and an estimated per unit renovation cost of $85k.
“San Jose and nearby Silicon Valley have a desperate need for affordable housing, specifically for the underserved senior community,” said Karen Buckland, Vice President, Development at CPP. “Revitalizing and renovating Corinthian House will extend the physical and economic life of the development, preserving its affordability for 55 years to come.”
Both exteriors and interiors will be renovated to address the effects of deferred maintenance, with the goal of bringing modernization, increased accessibility, and energy efficiency to the senior community. The development will receive new vinyl plank flooring, cabinets and countertops, modern appliances, water-saving toilets, vanities and mirrors, and energy-smart lighting throughout.
Common area renovations include updates to the community room, laundry rooms, salon, and leasing and management office. The community will also receive a new fitness center. Post-renovation, Wi-Fi will be provided throughout the units at no cost to the tenants.
Corinthian House residents will be able to participate in adult education, health and wellness, and skill-building classes and services through a partnership with LifeSteps. Classes will include financial literacy, computer training, and home-buyer education aimed at seniors.
The Campbell neighborhood offers ample shopping and activities for residents of Corinthian House. The community is located a half mile from the Campbell Adult Center which offers trips, lunch options, and clubs aimed at enhancing the quality of life for adults 50+. The Winchester BART Station is located approximately a quarter mile away, and Good Samaritan Hospital, a 403-bed acute care facility, is within two miles.
The property’s Housing Assistance Payment (HAP) Section 8 contract was set to expire, but with CPP’s involvement, the contract will be preserved for another 20 years.
Renovations are expected to be completed in December 2024. Partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued 9% low-income housing tax credits; Comerica Bank will provide the acquisition and rehabilitation loan and CitiBank will provide the permanent loan; and WNC & Associates will be providing tax credits.
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