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SAN JOSE, CA-Simpson Housing Solutions, a Southern California-based multifamily specialist, has opened its $74.6-million, 226-unit Almaden Apartments, a complex designed as affordable housing for families. The property, at 1501 Almaden Expressway, was designed to meet what Simpson describes as strong demand for “large, hard-to-find three-bedroom apartments” in a multifamily industry in which many developments feature primarily one- and two-bedroom units.

The three-bedroom apartments at the Almaden measure nearly 1,200 sf with two bathrooms, while the other units at the complex range from 631 sf to 979 sf. Monthly rents start at $952 for a one-bedroom unit, $1,137 for two bedrooms and $1,310 for three bedrooms.

Michael Costa, president of Long Beach-based Simpson, notes that all of the rents are well below prevailing market-rate rents for comparable apartments in the area. Costa points out that the project was designed “specifically to meet the needs of working families with children.”

Amenities at the Almaden include landscaping, a clubhouse and community room, a computer learning center, fitness and business centers, a pool and spa, laundry rooms outdoor BBQ areas and a tot lot. Individual apartments feature built-in kitchen appliances; central heating/air conditioning; cable TV connections, patios, balconies and other amenities.

Simpson partnered with the nonprofit Las Palmas Foundation and Community Housing Developers on the project. Financing consisted of an allocation of 4% federal low-income housing tax credits, $31.3 million in tax-exempt housing bonds, a loan from the city of $13.8 million and developer equity. Both construction and permanent financing were arranged through Citibank.

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