Publications

Security Properties JV makes seventh acquisition, buys 118-unit senior apartment in San Jose
Transactions - SEPTEMBER 27, 2022

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Security Properties JV makes seventh acquisition, buys 118-unit senior apartment in San Jose

by Released

Security Properties has teamed with Pacific Life Insurance Company and Hearthstone Housing Foundation to acquire Monte Vista Senior Apartments, a 118-unit apartment community located in San Jose.

The financial terms and seller were not disclosed.

The acquisition marks the seventh joint venture between Security Properties and Pacific Life since 2018.

"Monte Vista presented a great opportunity to acquire high-quality real estate in a core market while preserving critical affordable housing for the community," said Steve TeSelle, a senior director for Security Properties.

Monte Vista is income and rent restricted to seniors earning between 30 percent and 50 percent of area median income. “Given the incredibly high cost of living in San Jose, affordable housing like Monte Vista provides a significant discount to market-rate units in the area," said Chase Olson, senior analyst with Security Properties.

The property is located adjacent to the Alum Rock

Forgot your username or password?