Catalyst Housing Group said it has acquired two more multi-family housing communities in the San Francisco Bay Area, increasing the size of its mid-income housing portfolio in California to 2,781 units.
The Larkspur-based company bought the East Bay complexes in Antioch and Dublin this month through public-private funding from the California Community Housing Agency, the company said Thursday. Properties at market rates will be converted to permanently limited rent for families earning 80% to 120% of local median household income.
It is the “missing middle” demographic, those who do not qualify for subsidized housing and cannot afford market housing, that Catalyst was created in 2019 to address. The company has now purchased $ 1.5 billion in properties in California through its funding relationship with the agency, which arranges the sale of income bonds with the governments where the properties are located.
“Both acquisitions provide opportunities to continue our mission of housing California nurses, teachers, first responders and government officials directly in the communities they serve,” said Catalyst Founder Jordan Moss in the ad.
Catalyst acquired the Aster complex, directly adjacent to the West Dublin / Pleasanton BART station, for $ 163 million, or approximately $ 521,000 each. Developed in 2017, it has 313 luxury apartments and over 16,000 square feet of retail space on the ground floor. Commercial tenants include Amakara, a sushi restaurant with a notable clientele.
Mira Vista Hills, located in Antioch, was purchased for $ 68 million, or approximately $ 243,000 per unit. The 280-unit property had affordability restrictions on 20% of the units, but that could have been removed with the sale of the property, Catalyst said. Existing tenants will remain in the building.
The resort is in the process of doing major renovations to the exterior of the buildings, interior of the units, common areas and amenities.
“The city of Antioch looks forward to its partnership with Catalyst Housing Group and the opportunity to offer more housing options for all segments of our community,” Forrest Ebbs, director of community development, said in the statement. Press.