Dublin apartments with affordability goals fetch $200M
DUBLIN » A big apartment complex in Dublin has been bought in a $200 millionplus deal that was crafted with the goal of keeping the apartments affordable on a long-term basis.
The Fountains at Park Emerald have been bought through an alliance of California Community Housing Agency and Catalyst Housing Group, according to documents filed on Aug. 10 with the Alameda County Recorder’s Office.
Kings County-based California Community Housing, in partnership with Larkspur-based Catalyst Housing, issued $221 million in government bonds to buy Fountains at Emerald Park, according to information posted on the agency’s website.
“Though the project is currently operated as a 100% market-rate rental community, California Community Housing Agency will impose income and rental restrictions, throughout the duration of its ownership,” a staff report issued by the agency stated.
The housing agency and Catalyst have teamed up previously to buy residential properties in the East Bay with a similar goal as the Fountains at Emerald Park deal: acquire apartment complexes in an effort to keep them affordable.
“Catalyst’s properties target the ‘missing middle’ — those who earn in excess of traditional affordable housing limits yet struggle to afford market-rate housing,” Catalyst states on its website.
The prior Catalyst-California Housing deals involved Aster, a 313-unit Dublin apartment complex that was bought for $163 million; and Mira Vista Hills, a 280-unit apartment hub in Antioch that was purchased for $68 million.
“Since launching their middle-income housing partnership in 2019, Catalyst and CalCHA have successfully acquired in excess of $1.3 billion of premier multifamily rental communities throughout Northern California,” Catalyst Housing stated.
In the most recent deal, involving Fountains at Emerald Park, Chicago-based Equity Residential sold the apartment complex.
“Site amenities include covered parking, a pool & spa, grilling area, fitness center, package service, onsite management, and proximity to a BART station,” the housing agency’s staff report stated.
The 324-unit Fountains at Emerald Park is located at 5095 Haven Place near the corner of Hacienda Drive and Dublin Boulevard in Dublin.
“The project is well located in downtown Dublin, close to numerous employers in the area and in walking distance to the Dublin BART station,” the staff report said. “There are ample shopping and recreational opportunities nearby.”
The new owners vowed not to oust existing residents as a result of the recent property purchase and push to make every unit affordable.
CalCHA will adopt a non-displacement policy to allow for all existing project residents to remain in their units as long as they wish,” the California Community Housing Agency state report stated. “Upon natural turnover of the existing tenant population, CalCHA will release units to households meeting the project’s income requirements.”