Pasatiempo Apartments is a 94-unit mixed income, senior Section 8 property located in Fremont, CA (in the East Bay, between Oakland and San Jose). The Fund has partnered with Wakeland Housing Development Corporation to acquire the Property for $30 million.
The property consists of two residential buildings and one clubhouse building. The unit mix includes 93 one-bedrooms and one two-bedroom manager unit. Of the 94 units, 59 are covered under a project-based Section 8 HAP contract, with the remainder being market rate. As part of the Fund’s mission-driven business plan, it is restricting 100% of the units (including the formerly market rate units) to 80% AMI through a new affordability covenant recorded at closing. Because the existing HAP contract has only one year of term remaining, the entire property was at risk of becoming fully market rate. Instead, all units will become fully rent and income-restricted for at least 20 years.
The clubhouse is equipped with meeting rooms and a large community room. As part of the planned renovation, the Fund plans to convert unprogrammed meeting rooms into a computer lab, fitness center, and activated community space. Moreover, Rose will be hiring a full time Resident Services Coordinator as part of its Communities of Opportunity initiative, which seeks to enrich its communities through health, social services, education, and recreation programming.
In addition to upgrading the clubhouse, the planned renovation scope will include in-unit improvements, the replacement of aging building systems, and steep reductions in carbon and water intensity that will enable the property to certify under the GreenPoint Rated (“GPR”) program.
Acquisition and preservation of Pasatiempo Apartments a 94-unit mixed income, senior Section 8 property located in Fremont, CA.