301-studio community includes a rooftop deck, fitness center and a courtyard with barbecues
USA Properties Fund has started leasing Virginia Street Studios, an affordable apartment community for low-income residents seeking an active and maintenance-free lifestyle but also want a long list of amenities, including a community room and a rooftop deck with mountain views, in the heart of San Jose.
The 301-apartment community – located at 255 E. Virginia Street, at the intersection of Seventh Street – is just a few blocks from the center of downtown and close to several neighborhood markets, dozens of restaurants, San Jose State University and a Walmart Supercenter. Virginia Street Studios is also a block from Interstate 280 and close to public transportation.
“It’s got that downtown feel,” said Ana Gowdey, Regional Manager for USA Properties Fund, the property manager and an investor-partner in Virginia Street Studios with The Pacific Companies and Autovol. “It’s really a great environment.”
The all-studio community will accommodate early-in-their-career professionals – such as government employees and school teachers – to empty-nesters and retirees living on a fixed income looking for lower-cost housing, less maintenance and more leisure time.
VIRGINIA STREET STUDIOS
OPEN HOUSE
Virginia Street Studios will hold an open house 9-4 p.m. Friday (April 26) and Saturday (April 27).
“San Jose is seeing the critical need for affordable housing as we see large swaths of our communities being displaced due to the high cost of rent,” said San Jose City Councilmember Omar Torres, who represents District 3 which includes Virginia Street Studios. “Virginia Street Studios will allow over 300 residents to stay in the city they call home and remain part of our city fabric.”
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Affordable but with a wealth of amenities
Indeed, almost half of renters spend at least 30% of their income on housing in San Jose, and the figure is much higher for lower-income residents, according to the latest Joint Center for Housing Studies of Harvard University report.
Residents who earn 50% to 60% of the area median income for Santa Clara County – between $62,450 and $74,940 for a single person to $71,400 and $85,680 for a two-person household – are eligible for Virginia Street Studios.
The studios rent for $1,567 to $1,890 per month, depending on household income, hundreds of dollars less than nearby market-rate studios, according to industry tracker Zumper.
The dog-friendly apartment community is affordable but also comes with an impressive list of amenities, including many often not found in market-rate properties.
Virginia Street Studios features a community room with a large kitchen, a fitness room, a second-floor courtyard with barbecues and tables, and a seventh-floor rooftop deck with seating areas. The apartment community also includes a lounge and computer room on the third floor and a fourth-floor game room with chess tables, a pool table and board games.
Residents will enjoy on-site laundry facilities on each floor, multiple elevators, controlled access for security, a bike room with bike racks, and 120 assigned parking spaces are available in a parking garage on a first-come, first-served basis for those with vehicles.
The studios feature air conditioning, ceiling fans, energy-efficient appliances – including a full-size refrigerator – vinyl plank flooring, and either a balcony or patio.
“It’s getting a lot of attention, especially from the younger generation,” Gowdey said of the apartment community in the center of Silicon Valley. “It’s centrally located whether you want to enjoy the neighborhood or the entire Bay Area.”