Canoas Terrace Apartments is a multifamily affordable housing community, catering specifically to large families with two, three, and four-bedroom unit configurations, located in Silicon Valley. This 112-unit podium-style property is comprised of 12 residential buildings (1-3-story) including a leasing office and clubhouse on almost 3 acres. Common area amenities include a secure parking garage, gated property entry access, elevators, on-site laundry facilities, childrens’ playground, courtyard and picnic areas.
In 2016, a rehabilitation will commence which will include improved security systems, more efficient irrigation systems, and extensive in-unit upgrades: new flooring, appliances, cabinetry and fixtures. The Property is committed to achieving at least a 15% decrease in annual energy consumption. In addition, many improvements will be made to the property to better serve residents with disabilities.
Within close proximity, Canoas Terrace residents can enjoy a variety of nearby amenities, including public transit, Vieria Park, Canoas Elementary School and Schallenberger Elementary School. The historic downtown Willow Glen neighborhood on Lincoln Avenue, located within 2.5 miles of Canoas Terrace Apartments, is a renowned walkable downtown community offering a variety of restaurants and independent shops in the heart of San Jose.
Total development cost is expected to be approximately $34M. Rehabilitation begins January 2016 and is expected to be complete by Q4 2017.
General Project Information
- Project Name: Canoas Terrace Apartments
- Address: 300 Sands Drive, San Jose, CA 95125
- Year Built: 1997; significant rehabilitation 2016 (est. completion)
- Total Units: 112 (100% affordable units)
- Type: Acquisition/Rehabilitation
- Execution: 4% Low Income Housing Tax Credits / Tax-Exempt Bonds
- Parking: 215 spaces (including 7 for ADA requirements)