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10/30/24
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The John Stewart Company has secured a $30.17 mil refi loan on Monte Alban Apartments, a 192-unit, garden-style affordable housing complex in San Jose. Built in 1970 and renovated in 2006, the property is located at 1324 Santee Dr.
Monte Alban Apartments is comprised of 12 buildings, offering a mix of one-, two-, three- and four-bedroom apartments. The community maintains 100% occupancy with many long-term tenants and provides rents 40-60% below market rates. Monte Alban Apartments offers a range of amenities including air conditioning, appliances, a community room, laundry facilities, an exercise room, a basketball court, two swimming pools and two playgrounds.
Monte Alban Apartments is situated in a prime location near public transit, retail opportunities, schools and employment centers. The community enjoys convenient access to SR-101, I-680 and I-280. It is also a short drive away from the San Jose Mineta International Airport.
Anson Snyder with JLL Capital Markets arranged the 35-year, fixed-rate HUD 223(f) cash-out refinance loan. The refi allows for $47k per unit in property renovations and upgrades.
San Jose's real estate market is characterized by high demand and limited supply, making Monte Alban Apartments an attractive investment. The property benefits from strong fundamentals, including high occupancy, below-market rents and an experienced sponsor in a supply-constrained market with rising rents.
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