Canoas Terrace Apartments
Canoas Terrace Apartments is located in close proximity to amenity-rich Willow Glen neighborhood of San Jose. The property’s 112 units of family, affordable housing sits atop a podium structure with covered, secure parking for two vehicles per household. The property’s Italianate design evokes the wandering nature of a European street that leads from the main courtyard to two lushly landscaped courtyard rimmed by olive trees where residents can achieve respite from the City. A community room and third, dedicated patio area makes gatherings for birthday parties and special events another easily accessible amenity for residents to enjoy.
Rehabilitation on this Class A community asset is scheduled to commence in January, 2016. Improvement will be robust to both the unit interior and the common areas. Resident units will be completely made over with new cabinetry, countertops, appliances, flooring, paint, shower/tub surrounds, lighting and plumbing fixtures; all the latest in energy efficiency and construction standards. Common area enhancements will entail replacement of windows throughout, new exterior paint, replacement of decorative trellises, new courtyard lighting, and elevator & security enhancements. The community room will see replacement of furniture and kitchen appliances, as well as upgrades to the restrooms and the installation of a new shade structure under which residents can convene and enjoy the space.
Summary
Name: Canoas Terrace Apartments
Location: San Jose, CA
Property Type: Family, 100% Affordable
Total Project Cost: $34,000,000
Unit Mix: 112 Units
- 57 2-Bedroom Units
- 48 3-Bedroom Units
- 7 4-Bedroom Units
Date Acquired: April 30, 2015
Rehabilitation Cost: $4,750,000
Financing Partners: Citi Community Capital
Boston Financial Investment Management
Financing: Citibank Private Placement
Low Income Housing Tax Credits
Tax-Exempt Multifamily Housing Bonds
