Park Crossing Preserves Rents for NorCal Middle-Income Workers

Danville-based Opportunity Housing Group (OHG) recently acquired the Park Crossing Apartments, a 200-unit multifamily property at 2100 West Texas St., in Fairfield, CA. The purchase price was $83.5 million.

The apartments, previously rented at market rates, will now be preserved for middle-income workers in Northern California. All of the units at Park Crossing will have rents reduced, bringing affordability to low- to moderate-income individuals and families. One-third will be rented to individuals and families earning less than 80 percent of Area Median Income (AMI), one-third will be rented to individuals and families earning less than 100 percent of AMI, and one-third will be rented to individuals and families earning less than 120 percent of AMI.

OHG, as the administrator, acquired the property in partnership with the California Statewide Communities Development Authority’s Workforce Housing Program. Under this structure, middle-income workers including teachers, first responders, civil employees and others are offered discounted rents at the property that align with 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 Sares Regis Multifamily Funds. The brokers were Institutional Property Advisors’ Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia.