Community HousingWorks Buys Land for Affordable Housing

A Southern California-based affordable housing developer has solidified plans for a major residential project in downtown Oakland following a multi-million dollar land acquisition.

San Diego-based Community HousingWorks, operating through an affiliate, purchased three parcels at 1523 Harrison Street for $10.2 million to facilitate the construction of a 284-unit apartment building, Mercury News reported, citing documents filed on Friday with the Alameda County Recorder’s Office.

The 11-story project has been in the development pipeline for roughly four years with an estimated total development cost of $86.1 million. The proposed tower will feature a mix of 63 studios, 203 one-bedroom units and 18 two-bedroom units.

Plans on file at Oakland City Hall indicate that 281 of the planned 284 units would be restricted to affordable housing, while the remaining three will serve as manager’s units. Rents would land between $876 per month to $2,453 per month depending on the size of the units and the targeted income limits for the apartments. Wage limits for residents are expected to range from 30 percent to 70 percent of the area median income.

The Community HousingWorks affiliate secured $39.6 million in financing from the California Municipal Finance Authority to support the acquisition and development. The project site is located near 15th Street, a critical part of the downtown core that offers proximity to transit and employment hubs. Architectural design for the latest iteration of the tower was handled by Oakland-based developer oWOW.

Community HousingWorks’ land purchase is the latest addition to its growing collection of properties across the Golden State. Last year, Community HousingWorks bought Novo Apartments, a 126-unit development in Los Angeles County’s Rowland Heights for $38.3 million. The firm purchased the development with plans to convert the market-rate property into an affordable housing community.

Under its state-mandated housing goals, Oakland must plan for 26,251 new residential units by 2031.

— Chris Malone Méndez