A real estate group with ties to affordable housing bought two Alameda County apartment complexes with a total of 235 units.
Integrity Housing and Ascenda Capital paid $86.4 million for the 146-unit Metro 77 and 85 and the 89-unit Andina from private equity firm Trion Properties, according to documents filed at the Alameda County Recorder’s office, the East Bay Times reported. Metro, at 77 and 85 Estabrook St. in San Leandro, sold for $52.9 million, compared with $33 million that Trion paid in 2019, while Andina, at 1180 and 1192 E St. in Hayward, fetched $33.5 million, up from $28 million in 2019.
Trion completed extensive updates of the two complexes, including full renovations of dozens of apartment units, new paint schemes and signage, and renovations to the pool and gym at Metro 77 and 85.
Founded in 1993, Integrity Housing specializes in affordable and workforce projects. According to its website, the nonprofit developer’s portfolio includes projects across the state as well as in Oregon, Colorado, Arizona and Texas.
“More than ever before, fulfilling the demand for affordable housing in our communities has become a focal point for government and civic leaders,” the website reads. “Integrity Housing assumes a leadership role by pulling together key resources, lenders, government agencies, social impact investors and other strategic partners to fill this need, and make a difference in our communities.”
[East Bay Times] — Gabriel Poblete
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