Step Up Housing has acquired Vue at 3600, a 240-unit affordable housing property in the Bay Area city of Richmond, California. As part of the closing, a regulatory agreement was recorded against title requiring 180 units (75%) to be affordable. Institutional Property Advisors represented the seller in the transaction.
Industry sources estimate the deal came in around $47 million. Sack Capital Partners and Align Finance Partners provided structured financing for the purchase. Sack will also provide asset and property management for the property.
According to David Feinberg, Sack Capital Partners Managing Partner, they plan to renovate units and add amenities to the common areas, including updated appliances, new countertops, updated cabinets and hardware, new plumbing and lighting fixtures, and vinyl flooring.
Built in 1990 and situated on just over 12 acres, Vue at 3600 offers residents a scenic hilltop setting with dramatic views from select units and common areas, as well as a comprehensive amenity package highlighted by a resort-style pool, two spas, expansive clubhouse, fitness center, and enclosed dog park.
The property also enjoys a diverse and thriving employment landscape in Richmond, which is home to a wide range of industries, including manufacturing, healthcare, technology, and logistics. Major employers include Chevron, Amazon, Blue Apron, and Kaiser Permanente.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
