Renting in San Jose, California just became more attainable for hundreds of families, as Park Kiely, a 948-unit, 32-acre property, prepares to serve the Stevens Creek neighborhood as an affordable multifamily housing community.

Freddie Mac Multifamily worked with Optigo® lender JLL to purchase a 10-year fixed-rate $203,500,000 Targeted Affordable Housing Cash Loan made to Standard Communities. The deal closed in just 34 days and has positioned the property to make a significant impact for residents in need of relief from rising costs. This financing will be used for substantial rehabilitation to the property and to keep Park Kiely affordable for decades to come.

Standard Communities worked with The Vistria Group, a private investment firm and Housing on Merit, a nonprofit organization committed to co-developing affordable housing, to complete the capital stack.

Park Kiely is comprised of 3 two- and three-story buildings containing studio, one-, two- and three-bedroom units with floorplans ranging between 294 and 1,318 square feet. The property will serve residents who earn up to 80% of the area median income.

“This acquisition demonstrates the power of strong partnerships to deliver meaningful impact,” said Christopher Cruz, Senior Managing Director of Essential Housing, Standard Communities. “Working together with JLL, Freddie Mac, The Vistria Group and Housing on Merit, we are creating affordability while investing in the homes and shared spaces that strengthen the sense of community at Park Kiely.”

  • Common space at Park Kiely

    One of the property's communal spaces

  • Interior of a Park Kiely unit

    Interior view of a Park Kiely unit

  • Exterior view of Park Kiely

    Exterior view of the property

"JLL is honored to be part of this transformative acquisition that addresses one of California's most pressing challenges," said C. W. Early, Senior Managing Director at JLL. "The Standard Communities and Vistria Group partnership is creating meaningful affordability solutions that will help prevent displacement while significantly improving residents' quality of life. Freddie Mac moved at lightspeed to close this transaction in just over a month, minimizing risk and ensuring a seamless process that will bring immediate benefit to families in West San Jose."

Freddie Mac is excited to be part of this deal and is proud to partner with JLL as we continue to provide affordable housing solutions to communities across the country.