DANVILLE, CA - Opportunity Housing Group (OHG), a Danville CA-based company creating workforce housing for Californians, today announced the $83.5 million acquisition of the Park Crossing Apartments, a 200-unit multifamily property at 2100 West Texas St, in Fairfield, CA, in Solano County. The apartments, previously rented at market rates, will now be preserved for middle-income workers in northern California.
All of the units at Park Crossing will have rents reduced to be affordable to Low to Moderate-income individuals and families. One-third will be rented to individuals and families earning less than 80% of Area Median Income (“AMI”), one-third will be rented to individuals and families earning less than 100% of AMI, and one-third will be rented to individuals and families earning less than 120% of AMI.
OHG, as the Administrator, acquired the property in partnership with the California Statewide Communities Development Authority (CSCDA) using CSCDA’s Workforce Housing Program. Under this structure, middle-income workers including teachers, first responders, civil employees and others are offered discounted rents at the property that align with their incomes and have capped annual increases.
“Our innovative workforce housing program provides housing for the essential workers in our cities, which is a demographic that is consistently overlooked both in traditional market-rate 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. OHG is proud to work with CSCDA and California cities to deliver this scarce resource.”
The Park Crossing Apartments offers a swimming pool, spa, fitness center, billiards room and media room, clubhouse with fireside lounge, and gated access.
The seller is Sares Regis Multifamily Funds. The broker is Institutional Property Advisors’ Northern California Team of Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia.
OHG was founded by the principals of Blake Griggs Properties. It works closely with cities and public entities to meet housing and economic goals and foster success and growth in local communities. Its mission is to drive economic stability through giving Californians the opportunity to live in the communities where they work.
About Opportunity Housing Group: Danville, CA-based Opportunity Housing Group, Inc. (OHG), an affiliate of Blake Griggs Properties, was founded to provide communities in California with immediate access to housing at reasonable rents. Through our creativity, experience and partnerships with governmental agencies, OHG works to maximize the supply of this scarce resource, creating opportunity for housing for working Californians. OHG’s principals have a proven track record in all aspects of multifamily housing, including acquisitions, operations, entitlement and development. The principals have led the acquisition of over $1.3 billion in multifamily real estate over their careers, including over 6,150 multifamily units, and the development of over $4.8 billion of real estate, including 7,750 multifamily units, extended stay hotels, retail and for-sale homes throughout California and the western states. The principals have experience with multiple public-private projects with redevelopment agencies and have been fiduciary managers and partners with multiple large institutional investors and lenders. For more information, visit www.opportunityhousinggroup.com