USA Properties Fund has started accepting applications for Virginia Street Studios, a soon-to-open affordable apartment community for residents at least 55 years old looking to right-size and enjoy a maintenance-free lifestyle with a long list of amenities, including a community room and rooftop deck.
When completed in November, Virginia Street Studios will become the largest affordable apartment community for seniors in San Jose – and one of only a few modular construction multifamily projects in Silicon Valley, which cuts construction costs and the timeline.
“There is such a great need for affordable housing in the Bay Area, especially in San Jose,” said Sara Goldstein, Senior Asset Manager for The Pacific Companies. The Eagle, Idaho-based company is the developer of Virginia Street Studios, and has two other affordable apartment communities in San Jose. “Modular construction was a good option for Virginia Street Studios, and helps open the door to housing quicker for residents.”
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‘ENJOYING EVERYTHING OUR DOWNTOWN HAS TO OFFER’
From empty-nesters and retirees dreaming of downsizing to hardworking employees seeking a closer-to-work and lower-cost housing option, Virginia Street Studios could be just the right fit.
The 301-apartment community – located at 295 E. Virginia Street, at the intersection of Seventh Street – is just a few blocks from downtown and close to several neighborhood markets, dozens of restaurants, San Jose State University and a Walmart Supercenter.
“As we look to provide more housing options for our aging residents, projects like Virginia Street Studios can serve as a model for future developments,” said San Jose City Councilmember Raul Peralez, whose district includes Virginia Street Studios. “The location, amenities and cost of the units will allow these residents to continue to live in our growing city and enjoy everything our downtown has to offer.”
Virginia Street Studios also has easy access to Freeways 101, 280 and 87, and the Valley Transportation Authority bus and light-rail system that connects with Bay Area Rapid Transit at the Berryessa Transit Center.
“Virginia Street Studios is centrally located, whether you want to enjoy the neighborhood or the entire Bay Area, and has everything residents need,” said Angie Watson, Regional Manager for USA Properties Fund.
AMENITIES WITH A VIEW
It’s affordable and amenities-rich living in the heart of Silicon Valley – without the hefty rent. More than one of every three (34%) of renters in San Jose spend at least 30% of their income on housing, according to the Joint Center for Housing Studies of Harvard University.
Virginia Street Studios is below that level, allowing low-income residents to spend less on rent, especially critical as the cost of everything, from food to gas, continues to increase at a historic pace.
Residents who earn 50% to 60% of the area median income for Santa Clara County – about $59,000 to $71,000 for a two-person household – are eligible for Virginia Street Studios. The studios rent for $1,436 to $1,600 per month, hundreds of dollars less than nearby market-rate apartment communities with studios, according to industry tracker Zumper.
But affordable is far from basic – or boring.
Apartments feature air conditioning, a ceiling fan, full-size appliances and vinyl plank flooring.
And residents have access to a long list of community amenities, including a community room, fitness room, a picnic area with barbecues, a second-floor courtyard, and a seventh-floor rooftop deck with seating areas. The apartment community also has on-site laundry facilities, multiple elevators and controlled access for security.
LARGER LIFE IN A SMALL SPACE
But the best amenity could be enjoying a larger life in a smaller space, without the maintenance and yard work.
“Living in a studio is really about decluttering and simplifying your life, and focusing on what you want to do rather than what you have to do,” Watson said. “It’s also about changing your idea of home. The apartment is where you cook, shower and sleep. But the entire building should feel like home, since there are so many things to enjoy and some great spaces to hang out and relax.”
USA Properties is the property manager and an investor-partner of Virginia Street Studios along with The Pacific Companies and Autovol.
Nampa, Idaho-based Autovol combines highly skilled construction industry employees with robotic automation for next-generation modular construction. The company’s crews design and build sections of Virginia Street Studios at the Autovol factory and are then shipped about 670 miles to the site. “Automation and robotics will lead the world into the future of housing,” said Rick Murdock, Chief Executive Officer of Autovol. “Our investors and employees leaned in with lots of confidence, and now we’re seeing great results.”