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Hybridge Converts Oakland Student Housing to Affordable Rentals
Hybridge Capital Management is converting an underperforming student housing property in Oakland into an affordable housing community intended to help alleviate the homelessness crisis in the area. Located at 4400 Martin Luther King Jr. Way in Oakland, The Refuge Apartments will be a newly built 144-unit affordable housing complex aimed at veterans, domestic violence survivors and extremely low-income individuals.
With construction 80% completed, The Refuge is poised for rapid completion compared to traditional affordable housing projects, according to Hybridge. The remaining construction, including finalizing the conversion into affordable units, is projected to be completed in eight to 10 months, with the full project expected to secure a certificate of occupancy within 12 months
Hybridge Capital Management has partnered with Five Keys, a local nonprofit service provider, to lease up the project. Five Keys will also manage the property. Hybridge plans to master lease the property to a nonprofit organization.
- ◦Development
