Opportunity Housing Group Buys Pleasant Hill Apartment Complex for $304MM, Bringing 2021 California Investment Volume to $900MM
Danville, CA and Pleasant Hill, CA — Opportunity Housing Group (OHG), a Danville CA-based company creating workforce housing for Californians, today announced the Dec. 28, 2021 acquisition closing for the 484-unit Wood Creek Apartments at 637 Stonebridge Way in Pleasant Hill, CA, in partnership with the California Statewide Communities Development Authority (CSCDA). The seller was undisclosed.
Acquired for $304 million, Wood Creek marks the sixth asset purchased by OHG and CSCDA in 2021, totaling more than $900 million in bonds issued for transactions across Northern and Southern California last year. The portfolio of approximately 1,600 apartments, previously rented at market rates, are now preserved for middle-income workers under the innovative Workforce Housing Program — with an even greater pace of transactions expected for 2022.
“Our closing on this sixth asset with CSCDA is a major milestone for our Workforce Housing Program helping California’s teachers, firefighters, construction workers and other middle-income earners find affordable places to live,” said Lauren Seaver, President of OHG. “The state’s ‘missing middle’ housing crisis has been largely unaddressed as developers create luxury housing for the upper end and non-profit and other sources focus on low-income housing. We can’t find and acquire these middle-income properties fast enough, and our goal is to work with more cities to greatly exceed last year’s volume.”
OHG’s other acquisitions in 2021 include:
— MODA at Monrovia Station, a 261-unit property at 228 West Pomona Ave., Monrovia, CA, was acquired for $100 million in April.
— Waterscape Apartments, a 180-unit property at 3001 North Texas St. in Fairfield, CA, was acquired for $70 million in September.
— The Acacia on Santa Rosa Creek, a 277-unit apartment property at 4656 Quigg Dr., Santa Rosa, CA, was acquired for $117 million in October.
— Vineyard Gardens Apartments, a 180-unit residential property at 220-240 Burt St, Santa Rosa, CA, was acquired for $65 million also in October.
— The Park Crossing apartments, a 200-unit multifamily property at 2100 West Texas St, in Fairfield, CA, was acquired in December for $83 million.
One-third of Wood Creek’s apartments will be rented to individuals and families earning no greater than 80% of Area Median Income (“AMI”), one-third of units will be rented to individuals and families earning no greater than 100% of AMI, and one-third of units will be rented to individuals and families earning no greater than 120% of AMI.
Wood Creek’s amenities include three pools and spas, a fitness center, private garages that provide one individual garage space per unit, a playground, and a barbecue and picnic area. Individual apartment finishes vary, but generally include washer and dryers, patios or balconies, air conditioning, dishwashers, ceiling fans, wood burning fireplaces and more.
The broker on the transaction is Institutional Property Advisors’ Northern California Team of Philip Saglimbeni, Salvatore 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 $2.2 billion in multifamily real estate over their careers, including over 7,700 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.