Silicon Valley Affordable Senior Asset Commands $39M
- Jul 09, 2021
Silver Tree Residential has acquired Chai House I & II, a 140-unit affordable senior community in San Jose, Calif., for $38.8 million from a San Jose nonprofit, according to public records. The property will be rebranded as Redwood Senior Apartments of Willow Glen.
Chai House I is a HUD-supported project, while Chai House II is an affordable community funded by the City of San Jose. The new owner has assumed the outstanding balance of two existing loans—one involves the City of San Jose, while the second one is HUD financing, public records show.
Chai House I is located at 814 Saint Elizabeth Drive. The independent living facility is a Section 8 community available to residents aged 62 and over. The 1985-built asset provides 25 studios and 45 one-bedroom apartments, with floorplans up to 539 square feet.
Chai House II was completed in 1987 and caters to residents aged 55 and over. Apartments are available to residents earning at or less than 80 percent of the area median income. The rent-restricted community features 48 one-bedroom and 22 two-bedroom units; floorplans average 730 square feet.
The complex is across the street from the Crestwood San Jose wellness center and 2 miles from the Santa Clara Valley Medical Center. Less than a mile north, the Parkmoor Avenue retail corridor offers various shopping options, while the Happy Hollow Park & Zoo is less than 4 miles away.
Just 11 miles northwest of Chai House I & II, St. Anton Communities began construction on a 196-unit affordable community earlier this year in January. The development, located in Santa Clara, Calif., is expected to come online in the summer of 2022.