SAN JOSE — An East San Jose apartment complex has been bought by a nonprofit that specializes in affordable housing in a deal that could help keep rents within reach of people with modest incomes.
Avana San Jose has been bought for $85.5 million by an affiliate of Bedford Affordable Housing Foundation, according to documents filed Sept. 14 with the Santa Clara County Recorder’s Office.
Of particular interest in this deal: Los Angeles-based Bedford Affordable Housing specializes in creating and preserving affordable housing, sometimes in the wake of the nonprofit’s purchase of market-rate apartment complexes…