A $15.85 million acquisition and pre-development loan – the largest loan made by Housing Trust in the organization’s history – was made to First Community Housing for McEvoy Apartments. Funds for the loan originated from Housing Trust’s TECH Fund initiative as well as the Affordable Housing Growth Fund which is made up of Bridge Bank, East West Bank, Fremont Bank, Heritage Bank of Commerce, Beneficial State Bank, Tech CU, Manufacturers Bank and Silicon Valley Bank.
The location – 280 McEvoy Street- is about 1/2 mile from San Jose Diridon Station, less than 3/4 of a mile from the Race VTA light rail stop, and near the potential Google development.
The project will consist of over 300 new apartments completed in two phases: the phase one building will provide a mix of one, two and three bedroom rental apartments, while phase two building will provide mostly studios.
The maximum rent range for the homes is between $700 – $1,400 for a studio, $750 to $1,500 for a one bedroom, $900 to $1,800 for a two bedroom and $1,050 and $2,100 for a three bedroom. According to July 2018 figures from RentCafe, the average rent in San Jose is $1,948 for a studio, $2,363 for a one bedroom, $2,878 for a two bedroom and $3,407 for a three bedroom.
The site consists of six abutting parcels with 4,450 square feet located under the W. San Carlos Street overpass that is adjacent to the Los Gatos Creek Trail bike and pedestrian path. The total combined setting for McEvoy Apartments is 1.1 acres.