Construction has started on a 75-unit affordable apartment complex at 1397 California Circle in Milpitas, a project developer Waterford Property Co. is building alongside partner C&C Development to serve families earning between 30 percent and 70 percent of the area’s median income. The five-story building is rising on a former industrial site near Interstate 880, roughly 9 miles north of downtown San Jose, and is slated for completion in early 2028.
The total development cost comes to $47.6 million, according to a California Tax Credit Allocation Committee staff report cited by Multi-Housing News. That figure is supported by $1.8 million in annual 4% Low-Income Housing Tax Credits and $12.5 million in tax-exempt bonds issued by the California Municipal Finance Authority. National Equity Fund is serving as the project’s tax credit equity investor, while Citibank provided permanent loan financing and California Bank & Trust supplied construction financing, according to ConnectCRE.
A Master-Planned Community With a Builder Partner
The 75 income-restricted units represent the affordable rental portion of a larger master-planned residential community developed by homebuilder PulteGroup, which also contributed $6.4 million in direct funding toward the affordable housing piece, per the same Multi-Housing News report. It is a structure that illustrates how a market-rate builder can help fund deed-restricted units within a shared development footprint, rather than building them entirely separately.
Designed by KTGY Architecture, the building consists of four residential levels above a podium parking garage, with two podium courtyards and a mix of one- to three-bedroom floor plans, according to REBusinessOnline. Amenities listed by ConnectCRE include a fully equipped community kitchen and dining area, a lounge, a community room, a yoga and fitness studio, an entertainment space with a TV and foosball table, bike storage, electric vehicle charging stations, a barbecue and outdoor gaming area, and a tot lot.
On-Site Services for Working Families
Beyond physical amenities, the project includes a teen homework room as part of its social services programming. Waterford and C&C Development have partnered with Sacramento-based nonprofit Pacific Housing Inc. to manage on-site programming, which will provide free youth tutoring, teen leadership classes, financial literacy training, and family service coordination, REBusinessOnline reports…