A large apartment complex in Dublin will soon become affordable housing thanks to a more-than $200 million deal.
In partnership with the California Community Housing Agency, affordable housing developer Catalyst Housing Group has purchased the Fountains at Emerald Park with $221 million in government bonds, SiliconValley.com reported. The seller was Equity Residential, a Chicago-based REIT specializing in apartment complexes.
The 324-unit development at 5095 Haven Place, near the corner of Hacienda Drive and Dublin Boulevard, is currently a market-rate rental community, but CalCHA will enforce income and rental restrictions for the property.
This won’t be the first project of its kind for CalCHA and Catalyst. The two entities previously teamed up to purchase apartment complexes in the East Bay and keep the units affordable for residents.
According to Catalyst’s website, the company aims to help “those who earn in excess of traditional affordable housing limits yet struggle to afford market-rate housing.”
Previous deals between Catalyst and CalCHA include the $68 million purchase of a 280-unit apartment complex in Antioch and a $163 million deal for a 313-unit complex elsewhere in Dublin.
Since first launching a middle-income housing partnership with CalCHA two years ago, Catalyst claims to have acquired more than $1.3 billion of multifamily rental communities throughout Northern California.
The complex includes a pool and spa, grilling area, fitness center and covered parking area.
The new owners have agreed not to force current residents out of the units, according to SiliconValley.com, which reported that CalCHA intends to adopt a non-displacement policy. Units that become available due to natural turnover will be released to households that meet affordability requirements.
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[SilliconValley.com] — Victoria Pruitt