$304M Wood Creek Buy Marks Sixth Asset Acquired by OHG and CSCDA

Opportunity Housing Group (OHG), a Danville CA-based company creating workforce housing for Californians, recently acquired the 484-unit Wood Creek Apartments at 637 Stonebridge Way in Pleasant Hill, CA for $304 million, in partnership with the California Statewide Communities Development Authority (CSCDA). The seller was undisclosed.

Wood Creek marks the sixth asset purchased by OHG and CSCDA in 2021, totaling more than $900 million in bonds issued for transactions across Northern and Southern California last year. The portfolio of approximately 1,600 apartments, previously rented at market rates, are now preserved for middle-income workers under the innovative Workforce Housing Program with an even greater pace of transactions expected for 2022.

“Our closing on this sixth asset with CSCDA is a major milestone for our Workforce Housing Program helping California’s teachers, firefighters, construction workers and other middle-income earners find affordable places to live,” said Lauren Seaver, president of OHG. “The state’s ‘missing middle’ housing crisis has been largely unaddressed as developers create luxury housing for the upper end and non-profit and other sources focus on low-income housing. We can’t find and acquire these middle-income properties fast enough, and our goal is to work with more cities to greatly exceed last year’s volume.”

One-third of Wood Creek’s apartments will be rented to individuals and families earning no greater than 80 percent of Area Median Income (AMI), one-third of units will be rented to individuals and families earning no greater than 100 percent of AMI, and one-third of units will be rented to individuals and families earning no greater than 120 percent of AMI.

The brokers on the transaction were Institutional Property Advisors’ Philip Saglimbeni, Salvatore Saglimbeni, Stanford Jones and Alex Tartaglia.