In a move to protect affordable housing in San Jose, the Beverly Hills-based nonprofit Bedford Affordable Housing Foundation, in partnership with Post Investment Group, has acquired the Almaden Terrace complex for $87.7 million. The property is located at 2118 Canoas Garden Avenue in the Willow Glen neighborhood.

The acquisition was financed in part by $71.4 million in revenue bonds issued by the California Statewide Communities Development Authority. Under the terms of the deal, affordability covenants have been put in place, requiring 197 of the 262 units to be set aside for individuals and families earning up to 80% of the area median income. This transaction aims to counter rising rents in San Jose, where average asking rents have surpassed $3,100 per month.