CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has taken over management responsibilities of three tax-credit communities south of Downtown San Jose.
The communities, Villa Monterey, Charter Court and Casa Real, feature a combined 394 apartment homes and are part of the federal government's Low-Income Housing Tax Credit (LIHTC) program. CAPREIT is passionate about the quest to preserve affordable housing in challenging markets and regularly assumes management responsibilities of LIHTC communities. The company also regularly invests in the market-rate sector.
"San Jose is a notoriously expensive place to live, and the market has been particularly cost prohibitive for many in recent years," said Steven Fettig, vice president of West Coast operations for CAPREIT. "We're always eager to assist in the mission to provide quality affordable housing for hardworking professionals that don't necessarily have high-paying tech jobs and live on more modest paychecks. We're excited to assume management of these three communities and will work diligently to offer a quality living experience."