In San Jose, a huge affordable development project is currently in the process of being developed, and a real estate company has paid more than ten million dollars to purchase the land.
According to paperwork that were submitted to the Santa Clara County Recorder’s Office on Tuesday, the property was purchased by Danco Group, a company that specializes in the development of affordable housing projects, for a total price of $10.5 million.
The website of the organization indicates that the development will result in the production of 129 affordable apartments.
Our website says that the 1207 North Capitol Multifamily Housing project meets the urgent need for affordable housing and promotes community and well-being among residents and the area as a whole.
County records show that the nonprofit Corporation for Supportive Housing in New York City lent $14 million to a Danco Group affiliate at the time of the land purchase. Even though the deal was done, it wasn’t clear right away when the building would start.
The 1207 North Capitol apartment housing project is a smart move in San Jose’s Alum Rock neighborhood, according to Danco.
The developer says the apartment complex is a transit-oriented building, and there is a light rail station close by.
Danco Group said on its website that the project has more than 13,000 square feet of common areas like lounges, community rooms, exercise centers, and outdoor decks. “These places encourage good health, fun, and socializing, which builds relationships and a strong sense of community.”
The building is also close to two shopping malls, restaurants, and single-family homes.
“The project will be an important part of the Alum Rock neighborhood in San Jose if it is well planned and focuses on making a lively residential community,” Danco said.
