Security Properties in partnership with Hearthstone Foundation and Pacific Life Insurance Co. acquired Monte Vista Senior Apartments, a 118-unit affordable housing community in San Jose, California.
Berkadia brokered the $23.6 million transaction, arranging financing through Fannie Mae. The acquisition marks the seventh collaboration between Pacific Life and Security Properties since 2018. The deal closed on August 31.
Steve TeSelle, Senior Director of Security Properties, said in prepared remarks that Monte Vista is a much-needed affordable housing community in a demanding market. Monte Vista Senior Apartments is an income and rent constrained community for senior residents earning between 30-50% of the area median income.
Located near the Alum Rock Transit Center, the property is close to Highway 680 and Alum Rock Avenue, close to shopping malls, schools, restaurants and entertainment venues such as Ranging Water San José. Green spaces like Emma Prusch Farm Park, Happy Hollow Park & Zoo, and Japanese Friendship Garden are within a 6 km radius of the community. The Regional Medical Center is just 1.8 miles from the property and Norman Y. Mineta San Jose International Airport is a 10-minute drive away.
Security Properties recently sold a 162-unit multi-family community for $48.5 million, in Bemerton, Washington. CBRE brokered the transaction.