Opportunity Housing Group Spends $183M on Santa Rosa Apartments

The two properties were purchased in partnership with California Statewide Communities Development Authority.

A partnership between Opportunity Housing Group and California Statewide Communities Development Authority has acquired two apartment properties in Santa Rosa, California, for $183 million. The two communities serve a middle-income renter and were acquired under OHG’s workforce housing initiative.

The partnership acquired Acacia on Santa Rosa Creek Apartments for $117.5 million from an institutional owner. Located at 4656 Quigg Dr. in Santa Rosa, the property has 277 units in a mix of one-, two- and three-bedroom floor plans with a full suite of amenities, including a fitness center, swimming pool, clubhouse, business center and parking. The units were previously rented at market rate. However, the partnership plans to reduce rents for low and moderate income residents, which make up a majority of the current occupancy. As a result, most tenants will qualify for a $255 per month rent decrease.

The partnership acquired Vineyard Gardens Apartments for $65.8 million from a joint venture between Angelo Gordon and Glencrest Group. Located at 220-240 Burt St, Santa Rosa, the property features 180 units in a mix of one- and two bedroom floor plans and an amenity package that includes a fitness center, pool and spa, bocce court, outdoor fireplace, playground area, and resident parking.

Because the properties were purchased in partnership with California Statewide Communities Development Authority under the workforce housing program, middle-income workers, which often includes teachers, first responders and civil employees, will be offered both discounted rents as well as capped rents.

OHG has already deployed more than $1 billion in capital under the program. In April, OHG partnered with California Statewide Communities Development Authority to acquire MODA at Monrovia Station for $100 million from a joint venture between Legacy Partners, Griffin Capital and Silverpeak Real Estate Partners. The property is a 261-unit transit-oriented development in Monrovia. The property is adjacent to the Gold Line at Monrovia Station, but the area has been hailed as a transit-oriented hub in the city with a shopping and entertainment district around the station, which includes restaurants and entertainment.