JV Pays $84M for San Jose Affordable Asset
Foxdale Village traded for $292,682 per unit.
Post Real Estate Group and Affordable Housing Access have paid $84 million for Foxdale Village, a 287-unit affordable housing asset in San Jose, Calif., as reported by The Mercury News. CBRE Multifamily Capital issued a $46.2 million note to an affiliate controlled by the buyers, the same source shows.
KDF Communities previously owned the property, having had acquired it for $58.2 million in 2007, according to Yardi Matrix data. Foxdale Village is income-restricted to residents earning up to 50 and 60 percent of the area median income following the capture of LIHTC in 2007. The asset’s initial compliance period expired in 2022 and has since entered its extended-use compliance interval.
The 1979-built community comprises one- to four-bedroom floorplans ranging between 557 and 1,231 square feet spread throughout 26 buildings. Amenities include a business center, sports courts and a playground.
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Carrying the address 1250 Foxdale Loop, the community is roughly 5 miles northeast of downtown San Jose. Numerous parks and a roughly 122,000-square-foot shopping center, as well as the Reid-Hillview County Airport, are within walking distance.
By partnering with various entities, such as developers, investors or lenders, Affordable Housing Access has constructed or acquired and rehabilitated more than 20,000 affordable housing units throughout the Western market. Its latest partner, Post Real Estate Group, has invested more than $4 billion in acquisitions since its inception in 2007.
Metro San Jose’s robust multifamily investment scene
Investors acquired 17 assets bearing 50 or more units for a total multifamily transaction volume north of $1.1 billion throughout Greater San Jose during 2024, according to Yardi Matrix data. The traded unit count rose upward of 3,200 last year, up 2.5 percent year-over-year.
The average price per unit recorded during 2024 was north of $449,000—overshadowing 2023’s average of about $370,000—the data provider shows. Foxdale Village traded for $292,682 per unit, which is substantially below recent historical averages.
One asset that changed hands closer to 2024’s average price per unit was Moreland Apartments, an affordable property in San Jose. A joint venture of Reliant Group, R4 Capital and Rainbow Housing acquired the asset. The property sold for $443,750 per unit last June.
