San Jose apartment deals boost county agency’s affordable homes push

SAN JOSE — A Santa Clara County housing agency says its deals to buy senior citizen apartment complexes in San Jose will help it chart a steady course for the organization’s affordable homes mission.

The property deals involve the Santa Clara County Housing Authority’s purchase this month of Girasol Apartments at 1710 Alum Rock Avenue and Jardines Paloma Blanca apartments at 132 North Jackson Avenue, both in east San Jose.

In both instances, the Housing Authority bought below-market-rate apartment complexes whose delinquent mortgages were foreclosed by the U.S. Housing and Urban Development Department, or HUD.

Jardines Paloma Blanca affordable apartments at 132 North Jackson Avenue in San Jose.(Google Maps)
Jardines Paloma Blanca affordable apartments at 132 North Jackson Avenue in San Jose. (Google Maps)

HUD then turned around and immediately sold to the Housing Authority the two apartment complexes that the federal agency had just seized through the foreclosure proceeding.

That represented an unusual way for the properties to land under the ownership of the county Housing Authority.

“These acquisitions mark a new role for the agency, allowing us to preserve and enhance the availability of affordable housing in the region,” said Preston Prince, the Housing Authority’s executive director.

The deals also help the Housing Authority to push beyond a financial blunder it committed when it bought a north San Jose building that at one point it had intended to use as its headquarters.

In 2020, the Housing Authority bought an office building at 3553 North First Street for $37.35 million, saying that it planned to use the prominent property for its head offices.

But within two years, that property deal morphed into a $13 million loss when the Housing Authority decided it would pivot to a different strategy for its headquarters. In 2022, the county agency sold the building for $24.5 million.

Now, the Housing Authority can use the purchases of the two apartment buildings in east San Jose as a springboard to a more focused and successful approach to its primary mission.

“It is an excellent example of how we, as a Public Housing Authority, continuously strive to make a difference in the lives of our residents,” Prince said, referring to the new role for the county agency.

The Housing Authority paid $4.15 million for the 60-unit Girasol apartments complex and paid $2.65 million for the 42-unit Jardines Paloma Blanca residential center, according to documents filed with the Santa Clara County Recorder’s Office.

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