The 200-plus residents of our Monte Vista Gardens community in San Jose are returning to school and winding down their summers in style – with newly refurbished apartments and common areas that boast first-class amenities including a resort-style pool and Jacuzzi.
To commemorate the completion of our rehabilitation there, we were delighted to throw the residents a pool party with pizza and ice cream last weekend. The celebration marked the end of a $53 million project, which started last summer when we bought the 144-unit community on Nuestra Castillo Court for about $37 million.
In addition to improving the properties and providing new social services to the residents, both deals lock in affordability for most of the units for an additional 55 years – something that will keep families from losing their homes in one of the most expensive rental markets in the nation. Among counties with a population of at least 1 million, the San Jose metro area has seen the largest annual increase in rent (9.3 percent from 2015 to 2016), according to RealtyTrac’s 2016 Rental Affordability Analysis which makes preserving affordability of the utmost importance.
The rehabilitation of Monte Vista Gardens included:
- Safety and accessibility upgrades
- LED bulb installations
- New air conditioning units
- New paint
- Pool enhancements and exterior repairs
- New kitchens and bathrooms
- Energy efficiency improvements
- Renovations to office and community room
While the rehabilitation of the Courtyard Plaza Apartments included:
- Remodeled community room
- Remodeled manager’s office
- New kitchen cabinets
- Flooring installation
- New bath tubs
- New appliances
- New vanities
- Fresh paint
- New siding
- Full stucco replacement
- New windows
- New doors
These structural enhancements will go a long way toward enriching these important communities. At the end of the day, it’s all about the residents.