CPP Announces Acquisition of Corinthian House Affordable Development in San Jose, California
May 21 2024 - 11:30AM
CPP (Community Preservation Partners), a mission-driven
affordable housing preservation developer, has announced the
acquisition and planned renovation of Corinthian House, a senior
development in southwest San Jose, Calif. This is the fourth
community in the Bay Area for CPP, joining Franco Center in
Stockton, and El Rancho Verde and Lenzen Square Apartments in San
Jose.
Built in 1982, Corinthian House is comprised of two
elevator-served, three-story buildings on 1.75 acres. Located at
250 Budd Avenue in the Campbell neighborhood of San Jose, the
102-unit development consists of studio and one-bedroom apartments
designated for seniors (62+) earning between 30 and 60 percent of
the area median income (AMI) or below. CPP’s total development
investment is approximately $38,000,000, which includes the
purchase price of $21,000,000 and an estimated per unit renovation
cost of $85,000.
“San Jose and nearby Silicon Valley have a desperate need for
affordable housing, specifically for the underserved senior
community,” said Karen Buckland, Vice President, Development at
CPP. “Revitalizing and renovating Corinthian House will extend the
physical and economic life of the development, preserving its
affordability for 55 years to come.”
Both exteriors and interiors will be renovated to address the
effects of deferred maintenance, with the goal of bringing
modernization, increased accessibility, and energy efficiency to
the senior community. The development will receive new vinyl plank
flooring, cabinets and countertops, modern appliances, water-saving
toilets, vanities and mirrors, and energy-smart lighting
throughout. Common area renovations include updates to the
community room, laundry rooms, salon, and leasing and management
office. The community will also receive a new fitness center.
Post-renovation, Wi-Fi will be provided throughout the units at no
cost to the tenants.
Corinthian House residents will be able to participate in adult
education, health and wellness, and skill-building classes and
services through a partnership with LifeSteps. Classes will include
financial literacy, computer training, and home-buyer education
aimed at seniors.
The Campbell neighborhood offers ample shopping and activities
for residents of Corinthian House. The community is located a half
mile from the Campbell Adult Center which offers trips, lunch
options, and clubs aimed at enhancing the quality of life for
adults 50+. The Winchester BART Station is located approximately a
quarter mile away, and Good Samaritan Hospital, a 403-bed acute
care facility, is within two miles.
The property’s Housing Assistance Payment (HAP) Section 8
contract was set to expire, but with CPP’s involvement, the
contract will be preserved for another 20 years.
Renovations are expected to be completed in December 2024.
Partners on the project include the California Tax Credit
Allocation Committee (CTCAC), who issued 9% low-income housing tax
credits; Comerica Bank will provide the acquisition and
rehabilitation loan and CitiBank will provide the permanent loan;
and WNC & Associates will be providing tax credits.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by our
parent company, WNC & Associates, a national investor in
affordable housing and community renewal initiatives. Since then,
CPP has successfully acquired, developed, and rehabilitated more
than 15,000 affordable multifamily and senior housing units
nationwide. From the very beginning, they’ve done things
differently. As more than a consultant or an investor, CPP is a
true partner in every sense. By joining leading nonprofits and
strategic partners, they can provide essential social services to
residents, support neighborhood initiatives and transform
multifamily affordable housing communities. Creativity,
Performance, and Purpose are their core values and embody
everything they do. Together they define A Different Way to Home
for their excellent employees, partners, and communities. To learn
more, visit: https://www.cpp-housing.com/.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/00b04013-85c3-4e82-bf3a-1225785df59f
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