Sack Capital Partners, owner of Fountain Park — a 164-unit garden-style apartment community in San Jose — recapitalized the property through a joint venture with Belveron Partners, bringing in new equity while retaining management and an ownership stake.
Property: Fountain Park, a 164-unit apartment community in San Jose, Calif.
Price: $52M
Seller: Sack Capital Partners
Buyer: Sack Capital Partners and Belveron Partners (JV)
Originally built in 1974, many of Fountain Park’s studio, one- and two-bedroom residences have been recently renovated.
As part of the transaction, Belveron Partners — a privately held real estate investment management firm focused on the preservation and creation of affordable housing — has committed to converting a portion of the units into affordable housing.
“Belveron looks forward to partnering with Sack to expand affordable housing in San Jose, especially given the housing crunch that continues to impact working families in the Bay Area,” said Chloe Unger, director of acquisitions & investments at Belveron Partners. “By transitioning market-rate homes into affordability programs, we aim to provide greater stability for longtime residents and improve their access to the many economic opportunities this region offers.”
The property’s central location at 1026 South De Anza Boulevard in San Jose offers convenient access to shopping and restaurants, as well as nearby Highways 85 and 280.
Amenities include a clubhouse, barbecue area, a resort-style swimming pool with spa, a sauna, covered parking with EV charging and a dog park.
