By Robert Haugh
The Sobrato Organization, a major developer in Silicon Valley, has purchased an aging apartment complex in Santa Clara for $26.1 million.
The company plans to keep rents low to help address the affordable housing crisis.
The 68-unit complex, Vista Pointe Apartments, was built in the 1960s.
Sobrato plans to make only essential repairs and improvements to the property, in order to keep rents affordable.
“We are committed to providing affordable housing in Santa Clara,” said John Sobrato, chairman of the Sobrato Organization. “We believe that everyone deserves a safe and affordable place to live.”
The purchase of Vista Pointe Apartments is part of Sobrato’s larger initiative to address the affordable housing crisis in Silicon Valley. The company has also developed several other affordable housing projects in the region.
Robert,
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Is the quote from John Sobrato something he said in an interview with you? I am very curious about anything else that Sobrato has said about this purchase especially if they have made any specific commitments. Or how this might fit into agreements made to win approval for other development projects.
It’s quotes from statements made elsewhere in the media. There’s a much lengthier article about this purchase.
Robert,
Thank you for the answer. I found an article about this in the Merc. An important distinction should be made about how it was the Sobrato Family Foundation that purchased the Vista Pointe and not the Sobrato Organization. The former is part of the latter so it is not necessarily wrong to say the latter purchased it but it is more accurate to say the former was the purchaser.
It seems that they are signaling the long term intention of “preserving” the Vista Pointe as housing affordable for the middle class.
I’m paying
2200 for 1 bd snd a den in SJ, I grew up in SC, help me go back please!