Thursday, November 16, 2023

San Jose luxury apartment complex on The Alameda may become affordable housing in 2024

In an interesting pivot, Catalyst Housing Group is trying to acquire Modera - The Alameda and convert the property into affordable housing. The big question is... why?

Modera is a 168-unit apartment building that is being marketed as luxury apartments. It's literally located next to a Whole Foods and is blocks away from the SAP Center, Diridon Station, and the rest of Downtown San Jose. The Alameda is also a great neighborhood in its own right. 

While I think for-sale affordable housing will be better for the neighborhood as residents will stay in the community longer than those in apartments, it raises a lot of questions as to why Modera is for sale in the first place. It it struggling to maintain a profit or do the owners just want to cash out? Have they lost optimism in the location after Google delayed their Downtown West plans? (It's very close to that as well).

If anyone has additional insights or perhaps even lives in the building, please post your thoughts in the comments or on X (Twitter).

Source: SVBJ

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