San Jose affordable apartment complex is bought by L.A. investors
SAN JOSE — A big San Jose apartment complex with income restrictions for prospective tenants has been bought by a Beverly Hills-based investment group.
An affiliate of Post Investment Group has bought Regency Square Apartments for $40 million, according to documents filed on April 1 with the Santa Clara County Recorder’s Office.
The 224-unit apartment complex, built in 1963, is located at 1315 Eden Avenue in southwest San Jose.
Post Investment Group is a holding company with an ownership interest in real estate properties, real estate services, insurance, consumer goods, manufacturing, consumer services and franchising, according to the company’s website.
The apartment complex that the investment conglomerate bought uses maximum income limits to qualify tenants who are seeking housing at Regency Square Apartments, according to the property’s website.
Here are two examples of the income limits for the property:
— One person household, maximium annual income is $82,620.
— A two-person household income limit is $94,440.
— A four-person household income limit is $118,020.
“This property participates in the Federal affordable housing program called Low Income Housing Tax Credit,” Regency Square Apartments states on its website. “The low-income housing tax credit program strives to increase housing access and affordability.”