Opportunity Housing Group & CSCDA Acquire Waterscape Apartments in Fairfield for $70MM
Fairfield, CA (Sept. 16, 2021) — Opportunity Housing Group (OHG), a Danville CA-based company creating workforce housing for Californians, today announced the $70 million ($388,889 per unit) acquisition of the Waterscape Apartments, a 180-unit multifamily property at 3001 North 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 Waterscape 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 $140-$263/unit/month, compared to current market rates. Located midway between San Francisco and Sacramento along a major freeway and rail corridor, the Fairfield submarket serves the region as a more affordable housing option for commuters as well as people living and working nearby.
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 Waterscape Apartments offers a swimming pool; spa; picnic area with BBQ grills; fireplace with lounge seating; package concierge; clubhouse; business center; fitness center; playground; dog park; gated access; and 326 open, covered and garage parking spots.
The seller is a joint venture between Angelo Gordon and Glencrest Group. 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/