Opportunity Housing Group & CSCDA Acquire Two Apartment in Santa Rosa $183MM
Santa Rosa, CA (Oct 27, 2021) — Opportunity Housing Group (OHG), a Danville CA-based company creating housing for working Californians, today announced the acquisition of Acacia on Santa Rosa Creek Apartments and Vineyard Gardens Apartments, both in Santa Rosa, which will be preserved for middle-income workers in northern California under OHG’s workforce housing initiative.
Acacia on Santa Rosa Creek, acquired for $117.5 million ($424,187 per unit), is a 277-unit multifamily property at 4656 Quigg Dr., Santa Rosa, CA, in Sonoma County. The 1- 2- and 3-bed apartments, previously rented at market rates, will have rents reduced to be affordable to Low to Moderate-income individuals and families. It is anticipated that the majority of current residents will qualify for the program, entitling them to rent savings of up to $250/unit/month, compared to current market rates. Located in the growing San Francisco North Bay submarket, Acacia serves a bustling local Sonoma County economy and as a bedroom-community option for commuting to other job centers. Acacia offers amenities that include a fitness center, swimming pool and hot tub, clubhouse, business center and resident parking. The property was sold by an institutional seller and the broker is Scott Bales, Former Managing Director of JLL Multi-Housing (currently Vice Chairman of Newmark Multi-Housing), along with Nolan Moore and Max Machiorlette of JLL.
Vineyard Gardens Apartments, which was acquired for $65.8 million ($365,555 per unit), is a 180-unit residential property at 220-240 Burt St, Santa Rosa. The community’s 1-, 2-, and 3-bedroom apartments feature lush landscaping and grounds, fitness center, pool and spa, bocce court, outdoor fireplace, playground area, and resident parking. The seller is a joint venture between Angelo Gordon and Glencrest Group and the broker is Institutional Property Advisors’ Northern California Team of Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia.
OHG, as the Administrator, acquired both properties 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.
“These two properties are part of our over $1 billion pipeline of acquisitions in our innovative workforce housing program, providing housing for the essential workers in our cities,” said Lauren Seaver, President of OHG. “Providing high-quality housing at reasonable rents for the ‘missing middle’ — which is consistently overlooked both in traditional market-rate and affordable housing development — is one of the biggest challenges facing the Golden State today. We’re excited to have established a strong partnership with CSCDA and with concerned California cities who are making progress on this scarce resource.”
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.