The seller was the Ibex Group of San Francisco and the City of El Cerrito Redevelopment Agency, the original public/private partnership that developed and financed the landmark project in 1992. Financing for the sale involved a combination of low-income housing tax-advantaged bonds and a taxable mezzanine debt structure. Richard Knutson and John Leyvas of San Leandro, CA-based Moison Investment Co. handled both sides of the transaction.
Del Norte Place is located one block north of the Bay Area Rapid Transit's El Cerrito Del Norte station. The development has received national attention and accolades for its creative utilization of the urban transit-village model. Property management has been handled by The John Stewart Company of San Francisco, which was also a co-developer.
The property offers one and two bedroom market rate and affordable units to both senior and family residents. Twenty percent of the units are available to low-income qualified residents at below-market rents. All senior-designated units are located in a single building, offering age-specific amenities and exclusive community activity areas.
The twelve plaza-level commercial spaces are leased to a variety of restaurants, retail and other services, including an older adult clinic, optometry and dental offices. Other tenants include String's Italian Restaurant, J.R. Muggs café, Edward Jones Investment Advisors, and the office of Contra Costa County Supervisor, John Gioia.
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