Housing crisis: Livermore deal enables middle-class apartments

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LIVERMORE — An unusual deal in the East Bay will enable a big Livermore apartment complex to be set aside for middle-income residents, an effort that could help blunt some of the effects of the housing crisis.

Catalyst Housing Group and the California Community Housing Agency have teamed up to purchase The Arbors, an apartment complex near the two national laboratories in Livermore and the region’s wine country.

The venture paid $49 million for the apartment complex, which is at 3550 Pacific Ave. in Livermore.

“The Arbors is what most in the apartment industry would call a value-add investment opportunity, which often results in significantly higher rents and displacement of the existing tenant population,” said Jordan Moss, founder of Catalyst Housing Group.

The new owners intend to upgrade the apartment property and then transition The Arbors from its current status as a market-rate complex to a rent-restricted community whose homes will be set aside for middle-income households that earn no more than 120 percent of Alameda County’s median income.

The median household income in Alameda County in 2018 was $102,125, according to the Data USA site.

“Our unique partnership with California Community Housing Agency protects existing tenants from the threat of displacement, provides our public partners with an immediate supply of desperately-needed middle-income housing, and guarantees the future affordability of that housing by placing palatable caps on future rental increases,” Moss said.

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Source:: The Mercury News – Latest News

      

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