Transit-Oriented Affordable Housing Acq/Rehab
Low-income, market-rate apartments mix in East San Jose, CA
Monte Vista Gardens is Jamboree’s second project in the City of San Jose and the fifth joint venture with Community Preservation Partners, the development arm of WNC & Associates. The project is the acquisition and rehabilitation of a family apartment community in the Mayfair neighborhood of East San Jose, CA. Monte Vista is located walking distance from the Alum Rock Transit Center and near parks, dining and a local school, reducing commute time and improving quality of life for busy families.
Monte Vista Gardens – originally constructed in 2001– was renovated by Jamboree and Community Preservation Partners in 2015. The development consists of six three-story residential buildings and two ancillary buildings that host the leasing office, clubhouse/community center and a gym. One-fourth of the apartments are market-rate rentals and the balance are affordably priced for workforce families.
The property comes out of tax credit compliance at the end of 2015 and the joint venture has applied for re-syndication. Jamboree will partner with the City, investors, property management and partners to ensure that Monte Vista Gardens continues to remain both affordable and high quality to provide workforce families with an opportunity to thrive.