A new East San Jose housing development is providing homeownership pathways for working families.
For a place with a reputation as the least affordable city in the world to buy a home, AlphaX RE Capital is making housing affordable by providing below-market-rate townhomes for income-qualified households. The Kirk, an 18-home community at 125 Kirk Ave., offers interest-rate incentives for qualified first-time homebuyers. Some townhomes will be available as early as this October, and construction is planned to be completed in February 2027.
Two three-bedroom townhomes are going to be deeply discounted at below-market rates and sold for approximately $300,000, according to Ruby Huo, director of development for Alpha X RE Capital. Homes range from $1.18 million to $1.3 million, with most of the complex consisting of four-bedroom, two-and-a-half-bath homes ranging from 1,481 to 1,909 square feet.
Homeowners can receive a $50,000 credit and interest rates from 3.99% to 6% for three of the townhomes, according to AlphaX.
“We think East San Jose has a lot of potential,” Stephanie Yi, CEO and founder of AlphaX RE Capital/AL Homes, told San José Spotlight. “The land here is more affordable. That’s why we can bring the home price down. San Jose definitely needs homes from a different pricing point. It’s important for families to be able to afford a decent house like this.”
Located across the street from Linda Vista Elementary School, the development offers teachers and staff affordable housing, Yi said. For teachers, engineers, nurses, small business owners and families, owning a home has become increasingly difficult, she said, and AlphaX wants to change that.
“We bring together investment, development, engineering, construction, financing, sales and technologies to do one thing: get more homes built,” she said. “We have to work together. We have to think differently. We have to have the courage to try.”
San Jose Mayor Matt Mahan said the 18 homes represent 18 opportunities for San Jose families to achieve the American dream in Silicon Valley.
Andres Quintero, board vice president for the Alum Rock Union School District, said the project aligns with the district’s plan to build workforce housing. Quintero added that the district appreciates the San Jose City Council streamlining the process.
“(Affordable housing) is a human-made crisis. Humans should be able to resolve it by building more housing,” he told San José Spotlight.
Developments like this are a game changer for the East San Jose community, District 5 Councilmember Peter Ortiz said. He appreciates AlphaX prioritizing East San Jose residents who have been forgotten.
He said if development investment isn’t made in East San Jose, the city won’t have funds for parks, street repairs and services.
“For years, people have not seen East San Jose as a viable place for making investments,” he told San José Spotlight. “I’m really grateful for organizations like AlphaX who are mostly made up of women of color. They see East San Jose as a way to invest and bring in new homeowners … not just to rent, but actually at affordable prices to own.”
Ortiz said due to increasing housing costs, many East Side residents wonder if they can afford to stay in the community.
“Our neighborhoods deserve quality housing, thoughtful investment and opportunities for our families to build generational wealth right here in the neighborhoods they love,” he said.
Contact Lorraine Gabbert at [email protected].
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