Housing Group Provides Workforce Housing for Region’s Essential Workers

Danville CA-based Opportunity Housing Group (OHG), a workforce housing company, recently acquired the Waterscape Apartments, a 180-unit multifamily property at 3001 North Texas St. in Fairfield, CA, for $70 million. The apartments, previously rented at market rates, will now be preserved for middle-income workers.

All units at Waterscape will have reduced rents for low- to moderate-income individuals and families. It is anticipated that many current residents will qualify for the program, providing monthly rent savings of $140 to $263 per unit compared to current market rates.

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 and civil employees get discounted rents that align with individual 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.”

The seller is a joint venture between Angelo Gordon and Glencrest Group. Institutional Property Advisors’ Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia brokered the transaction.