Affordable Housing Project Completed in San Jose
- Aug 04, 2016
San Jose, Calif.—ROEM Corp. has completed Oak Grove Apartments, a $34 million development in San Jose providing 134 units of affordable housing. The property is open to families earning at or below 60 percent of the Santa Clara County area median income.
Located at 5568 Lexington Avenue on what was formerly the Hitachi Global Storage Technologies campus, the property is part of a 295-acre master-planned community. When complete, the community will include condominiums, apartments, attached townhomes, many pocket parks and a large 10-acre park with a baseball field.
Oak Grove Apartments consists of a five-story apartment building wrapped around a multi-story 149-space parking garage. Amenities include a community room with kitchen, computer room, children’s outdoor play area, gym, laundry facility and outdoor courtyard. The architect is Architects Orange and the general contractor is ROEM Builders Inc.
“San Jose is one of the most expensive rental markets in the country,” said ROEM Corporation Executive Vice President Alex Sanchez. “Oak Grove encapsulates what developers can do best for areas struggling with the rising costs of rent.”
“In Silicon Valley, there can be some resistance to adding affordable housing,” Sanchez added. “Once the local residents see the high-quality communities being developed, they tend to welcome new housing, as our developments are indistinguishable from market-rate housing.”
ROEM is also pursuing LEED Gold certification for Oak Grove Apartments. In addition to being constructed with sustainable building methods and materials, the property includes water-efficient fixtures; efficient landscape design using native species and zero turf; Energy Star appliances; high-efficiency windows; and a solar PV system.
Oak Grove Apartments was financed through 4 percent Low Income Housing Tax Credits and tax-exempt bond financing. Citi Community Capital provided a permanent loan of about $17.8 million. Funding was also provided by Alliant Capital Ltd.