The Santa Clara County Housing Authority purchased two senior apartment communities in East San Jose, California, both through foreclosure. Included in the deal were Jardine Paloma Blanca, a 43-unit affordable senior apartment community, and Girasol Housing, which has 59 units. HUD foreclosed on both properties. For the Jardines Paloma Blanca community, the previous owner, an affiliate of Macsa Housing Corp., had unpaid debt including the original principal, late fees, interest and penalties totaling $10.5 million.
The Housing Authority paid $2.65 million, or $61,600 per unit, for the property, according to documents filed with the County Recorder’s Office. For Girasol Housing, the previous owner of which is undisclosed, the Authority paid $4.15 million, or $70,300 per unit.
