CAPREIT Takes Over Management of Three San Jose Apartment Communities
Tax-credit communities offer a combined 394 affordable homes in booming market
SAN JOSE, Calif., Sept. 10, 2019 /PRNewswire/ -- CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has taken over management responsibilities of three tax-credit communities south of Downtown San Jose.
The communities, Villa Monterey, Charter Court and Casa Real, feature a combined 394 apartment homes and are part of the federal government's Low-Income Housing Tax Credit (LIHTC) program. CAPREIT is passionate about the quest to preserve affordable housing in challenging markets and regularly assumes management responsibilities of LIHTC communities. The company also regularly invests in the market-rate sector.
"San Jose is a notoriously expensive place to live, and the market has been particularly cost prohibitive for many in recent years," said Steven Fettig, vice president of West Coast operations for CAPREIT. "We're always eager to assist in the mission to provide quality affordable housing for hardworking professionals that don't necessarily have high-paying tech jobs and live on more modest paychecks. We're excited to assume management of these three communities and will work diligently to offer a quality living experience."
Villa Monterey and Casa Real are located in East San Jose and Charter Court about 10 miles away in West San Jose. Villa Monterey is situated at 2898 Villa Monterey, west of Los Lagos Golf Course between Umbarger Road and Lewis Road. The community features 120 apartment homes consisting of one-, two-and three-bedroom layouts.
Villa Monterey includes a sparkling pool and spa, doggy stations, playground and tot-lot, project-access program and community gate program. Residents have access to several nearby attractions, including Santa Clara County Fairgrounds, Happy Hollow Park & Zoo, Children's Discovery Museum and several public parks, including Hellyer County Park, Guadalupe River Park and Emma Prusch Farm Park. A planned shopping plaza is also in the blueprint within the neighborhood.
Charter Court is located at 1200 Ranchero Way and features 94 apartment homes consisting of one- and two-bedroom floor plans. Located near the Westgate Center and Santana Row shopping malls, in addition to the San Jose Learning Center, the pet-friendly community offers a swimming pool, laundry facilities, playground, private patios or balconies, in-home air conditioning and a live onsite maintenance team.
Casa Real is located at 2580 Fontaine Road just east of the Bayshore Freeway. The community contains 180 apartment homes spanning one-, two- and three-bedroom layouts. Community amenities include a swimming pool, barbecue area, two laundry rooms and a playground. Apartment homes include in-home air conditioning and modern appliances.
Including Monterey Villas, Charter Court and Casa Real, CAPREIT owns or manages nine communities in California.
About CAPREIT
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 14,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.
MEDIA CONTACT
Paul Willis
LinnellTaylor Marketing
[email protected]
720-280-5172
SOURCE CAPREIT
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