New Acquisition: Sofi at Los Gatos Creek

Ethos Real Estate, Bridge Workforce & Affordable Housing, operating through an affiliate, have jointly acquired Sofi at Los Gatos Creek for a little over $61.1 million. This significant purchase marks a step forward in addressing the pressing need for affordable housing in the region.

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Located in San Jose, Sofi at Los Gatos Creek is a 122-unit residential complex that will be converted into affordable housing as part of the city’s ongoing efforts to expand options for low- and middle-income residents. The property will cater to households earning 30% to 80% of the area median income, filling a critical gap in the local housing market.

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As Adam Siegman, managing partner of Ethos, emphasized, “We are incredibly pleased to be able to provide lower-cost and immediate delivery of affordable housing in a market where it is desperately needed.”

The acquisition is part of a larger strategy by Bridge Workforce & Affordable Housing and Ethos Real Estate to meet the growing demand for affordable and workforce housing in high-cost markets like Silicon Valley. In addition to the purchase, plans are in place to upgrade the complex and enhance its amenities, ensuring residents have access to quality and sustainable living environments.

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This initiative aligns with San Jose’s broader goals of addressing the affordable housing crisis while fostering community development and inclusivity. By repurposing existing properties like Sofi at Los Gatos Creek, the city and its partners are taking actionable steps to create long-term solutions for housing affordability.

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Read the full article here.