LOS ANGELES—Los Angeles-based Highridge Costa Investors has tapped WinnResidential, a subsidiary of WinnCompanies, to manage a 48-property affordable housing portfolio across the State of California. The portfolio has a total of 4,420 units located in Los Angeles, Bakersfield, Fresno, Merced, San Jose, San Francisco and Sacramento. WinnResidential, a specialist in the affordable niche, is taking over management from two other property management companies that previously managed the portfolio.
“HCI has been an owner of affordable housing for many years and it takes very good care of its portfolio, and they take pride in what they do,” Jim Aliberti, SVP and leader of the Western portfolio for WinnResidential, tells GlobeSt.com. “We are the largest provider of affordable housing management in the country, and so this is really a perfect marriage. We keep the properties in top-notch condition—that is a main goal with the company—but we are also very concerned with residents. It is about customer service and that the tenants understand that they are our main concern, which they are.”
WinnResidential plans to drive value at the properties through renovations that create a better quality of life for the residents. Renovations will vary from property to property depending on tax credits. “HCI is taking the opportunity when they can to rescind and resell the tax credits from the properties and use those funds to maintain the properties,” adds Aliberti. “The approval of the courts will vary, so some properties will get new windows, others will get flooring or appliances. It all varies according to properties. We are working in tandem with HCI on those now.”
The company has lofty experience in this sector, which requires unique management needs. This is true for marketing the property to the correct demographic and vetting potential residents to ensure they meet the qualifications to live in the property. “A lot of people are under the misnomer that affordable housing is section 8,” says Aliberti. “I do have section-8 housing, but in the majority of my properties, people have to have income just like any other apartment community.”
LOS ANGELES—Los Angeles-based Highridge Costa Investors has tapped WinnResidential, a subsidiary of WinnCompanies, to manage a 48-property affordable housing portfolio across the State of California. The portfolio has a total of 4,420 units located in Los Angeles, Bakersfield, Fresno, Merced, San Jose, San Francisco and Sacramento. WinnResidential, a specialist in the affordable niche, is taking over management from two other property management companies that previously managed the portfolio.
“HCI has been an owner of affordable housing for many years and it takes very good care of its portfolio, and they take pride in what they do,” Jim Aliberti, SVP and leader of the Western portfolio for WinnResidential, tells GlobeSt.com. “We are the largest provider of affordable housing management in the country, and so this is really a perfect marriage. We keep the properties in top-notch condition—that is a main goal with the company—but we are also very concerned with residents. It is about customer service and that the tenants understand that they are our main concern, which they are.”
WinnResidential plans to drive value at the properties through renovations that create a better quality of life for the residents. Renovations will vary from property to property depending on tax credits. “HCI is taking the opportunity when they can to rescind and resell the tax credits from the properties and use those funds to maintain the properties,” adds Aliberti. “The approval of the courts will vary, so some properties will get new windows, others will get flooring or appliances. It all varies according to properties. We are working in tandem with HCI on those now.”
The company has lofty experience in this sector, which requires unique management needs. This is true for marketing the property to the correct demographic and vetting potential residents to ensure they meet the qualifications to live in the property. “A lot of people are under the misnomer that affordable housing is section 8,” says Aliberti. “I do have section-8 housing, but in the majority of my properties, people have to have income just like any other apartment community.”
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