An East Bay real estate investor specializing in repositioning market-priced apartments to be affordable for middle-income families has purchased a 180-unit property in Solano County for $ 70 million.
Based in Danville Opportunity housing group, a subsidiary of a multi-family and commercial real estate developer and investor, worked with California State Community Development Authority to acquire Waterscape Apartments at 3001 N. Texas St. in Fairfield through the agency’s workforce housing program, the group said Thursday.
These apartments, previously rented at market rates, will have rents reduced to be affordable for low to moderate income individuals and families, the group said. He predicts that the majority of current residents will be eligible for the agency’s program, allowing them to achieve rent savings of $ 140 to $ 263 per month below current market rates.
“Our innovative workforce housing program provides housing for essential workers in our cities, a demographic that is consistently overlooked in both traditional and affordable housing development.” said Lauren Seaver, president of OHG. “Providing high quality housing at reasonable rents is one of the biggest challenges facing the Golden State today. “
Typically, the “missing link” is defined as households earning too much to qualify for subsidized housing, but not enough to pay market rents. These workers are teachers, first responders and civilian employees.
The California Statewide Communities Development Authority was founded in 1988 by the California State Association of Counties and the League of Calfornia Cities as an intermediary for the issuance of tax-exempt bonds to finance projects. The agency says it has issued more than $ 65 billion in bonds for more than 90,000 affordable units to date.
Opportunity Housing Group is acting as administrator of the Waterscape Acquisition.
A similar organization, the California Community Housing Agency, was formed by Kings County several years ago to finance the acquisition of housing through this type of bond. Catalyst Housing Group, based in Larkspur, has completed more than $ 2 billion in acquisitions of more than 4,000 units through this agency.
Waterscape Apartments has a swimming pool and spa. picnic area with barbecues, outdoor fireplace with lounge, clubhouse, business center, fitness center, playground, dog park, secure access and 326 open and covered parking spaces and garage.
The seller of the property is a joint venture between Angelo Gordon and Glencrest Group. The broker is the Institutional Property Advisors Northern California team of Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia.
Opportunity Housing Group was founded by directors of Blake Griggs Properties, who previously worked in North Bay on the Marin Gateway Mall in Marin City, according to its website.
Jeff Quackenbush covers wine, construction and real estate. Prior to the Business Journal, he wrote for Bay City News Service in San Francisco. He graduated from Walla Walla University. Contact him at [email protected] or 707-521-4256.