San José Marks Historic First with California’s Inaugural ADU Condominium Conversion
2025
August
San José, CA — August 2025 — AlphaX RE Capital, in partnership with the City of San José and Mayor Matt Mahan, has announced the completion of California’s first-ever Accessory Dwelling Unit (ADU) condominium conversion — a landmark achievement made possible through Assembly Bill 1033 (AB 1033).
For the first time in state history, an ADU can now be sold separately from its primary residence, opening a new pathway to affordable homeownership. San José became the first municipality in California to implement AB 1033, setting a precedent that other cities are expected to follow.
“This creates opportunities for families to build equity and long-term stability,” said Stephanie Yi, Founder & CEO of AlphaX RE Capital, emphasizing the company’s commitment to expanding ownership opportunities at more accessible price points.
The milestone builds upon AlphaX’s ongoing record of housing innovation in California. Notable achievements include:
The state’s first ADU condominium conversion in San José (August 2025)
Approval of AB 684 implementation in Campbell (August 2025)
California’s first SB 9 lot split approval in Atherton (2022)
Jia Li, Chief Asset Management Officer at AlphaX, underscored the company’s pioneering spirit: “We are not afraid to be the pioneer, because being a pioneer means tackling challenges head-on — and unlocking new opportunities along the way.”
Looking ahead, AlphaX plans to deliver 85 additional ADU condominiums over the next year, expanding affordable ownership options throughout the state.
AlphaX acknowledged the critical role of state and local leadership in advancing housing policy. “We are grateful to our partners in government for creating the regulatory framework that makes these innovations possible,” the company said in a statement.
With housing affordability continuing to challenge California families, the San José project highlights how public-private collaboration can create sustainable, scalable solutions.
About AlphaX RE Capital
AlphaX RE Capital is a leader in innovative housing solutions, leveraging policy, design, and investment strategies to create attainable homeownership opportunities for California families.