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MISSION VIEJO, CA-Wasatch Advantage Group has completed a $25million renovation of the 136-unit Spring Villas Apartments inSouthern California and a $25 million rehab of the151-unit HaywardVillage Senior Apartments near San Francisco. The MissionViejo-based multifamily specialist has earmarked all 136 units ofthe Spring Villas for families earning 50% to 60% of the areamedian income for San Diego County and has set aside all 151 of theHayward Village units for seniors age 55 and older earning from 50%to 60% of the area median income for Alameda County.

Kipling S. Sheppard, president and CEO of Wasatch, points outthat rents now range from $618 to $898 for the Spring Villascomplex, well below prevailing market-rate rents for comparableunits in the region east of San Diego where the property islocated. Rents range from $748 to $1,072 at the Hayward Villas,also well below prevailing market-rate rents in the region.