(EDITOR’S NOTE: According to public records, the property was sold for $23.628 million, or about $200,237 per unit.)
SEATTLE — Security Properties has teamed with Pacific Life Insurance Company and Hearthstone Housing Foundation to acquire Monte Vista Senior Apartments, a 118-unit apartment community located in San Jose, CA.
The acquisition was closed on August 31st, 2022 and marks the seventh joint venture between Security Properties and Pacific Life since 2018. Financing was provided by Fannie Mae through Berkadia.
“Monte Vista presented a great opportunity to acquire high quality real estate in a core market, while preserving critical affordable housing for the community,” said Steve TeSelle, Senior Director for Security Properties.
Monte Vista is income and rent restricted to seniors earning between 30% and 50% of area median income. “Given the incredibly high cost of living in San Jose, affordable housing like Monte Vista provides a significant discount to market-rate units in the area,” said Chase Olson, Senior Analyst with Security Properties.
The property is located adjacent to the Alum Rock Transit Center and the associated Alum Rock light rail station, which offers residents convenient access via public transportation across San Jose and the entire Bay Area. Security Properties Residential will be taking over management of Monte Vista.