Opportunity Housing & CSCDA Acquire ParkCrossing Apartments in Fairfield for $83.5MM
(EDITOR’S NOTE: According to sources with knowledge of the transaction details, the property sold for$83.5 million, or $417,500 per unit.)
Fairfi eld, CA (Dec. 20, 2021) — Opportunity Housing Group (OHG), a Danville CA-based company creatingworkforce housing for Californians, today announced the $83.5 million ($417,500 per unit) acquisition ofthe Park Crossing Apartments, a 200-unit multifamily property at 2100 West Texas St, in Fairfi eld, CA, inSolano 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-incomeindividuals and families. One-third will be rented to individuals and families earning less than 80% of AreaMedian 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 StatewideCommunities Development Authority (CSCDA) using CSCDA’s Workforce Housing Program. Under thisstructure, middle-income workers including teachers, fi rst responders, civil employees and others areoffered 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, whichis a demographic that is consistently overlooked both in traditional market-rate and affordable housingdevelopment.” said Lauren Seaver, President of OHG. “Providing high-quality housing at reasonable rentsis one of the biggest challenges facing the Golden State today. OHG is proud to work with CSCDA andCalifornia cities to deliver this scarce resource.”
The Park Crossing Apartments offers a swimming pool, spa, fi tness center, billiards room and mediaroom, clubhouse with fi reside lounge, and gated access.
The seller is Sares Regis Multifamily Funds. The broker is Institutional Property Advisors’ NorthernCalifornia 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 publicentities to meet housing and economic goals and foster success and growth in local communities. Itsmission is to drive economic stability through giving Californians the opportunity to live in thecommunities where they work.
About Opportunity Housing Group
Danville, CA-based Opportunity Housing Group, Inc. (OHG), an affi liate of Blake Griggs Properties, wasfounded 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 maximizethe supply of this scarce resource, creating opportunity for housing for working Californians. OHG’sprincipals 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 inmultifamily real estate over their careers, including over 6,150 multifamily units, and the development ofover $4.8 billion of real estate, including 7,750 multifamily units, extended stay hotels, retail and for-salehomes throughout California and the western states. The principals have experience with multiple public-private projects with redevelopment agencies and have been fi duciary managers and partners withmultiple large institutional investors and lenders. For more information,visit www.opportunityhousinggroup.com.