A Los Angeles-based operator of thousands of affordable housing units across the country purchased 128 apartments in two Solano County complexes and plans millions of dollars in upgrades.
An entity of Standard Communities, the affordable housing division of real estate investor Standard Companies, purchased Fairfield properties Parkside Villa Apartments at 1650 Park Lane and Rockwell Manor Apartments at 693 E. Tabor Ave. on May 21 for $34 million. The 7.27 acres of properties includes 116 restricted-rent units, 10 market-rate units and two manager units. Of the units 88 have two bedrooms, and 40 have three bedrooms.
Standard Communities plans to spend $7 million in renovations.
California Municipal Finance Authority said it issued $33.1 million in bonds for the property and project, which includes building exterior and interior renovations.
“The financing of this project will result in preserving affordable housing for 116 low-income households in the City of Fairfield for another 55 years,” the authority said on its website.
The work includes roof, window and sliding-door replacements, new entry doors and hardware, and fresh paint; upgrades to the laundry facilities, leasing office and fitness/business center; new heating and air-conditioning units, water heaters, electrical, flooring and window coverings, kitchen appliances, kitchen and bathroom cabinets, countertops, plumbing fixtures and paint. Site renovations include new fencing and lighting, sidewalk repairs, asphalt sealing and re-striping, and improvements to the landscaping and signage.
The work is set to be complete by year-end, the authority said.
Jones Lang LaSalle arranged a Freddie Mac tax-exempt loan for the mortgage financing, and Citi Community Capital made a direct low-income housing tax credit investment, according to Standard Communities. Total capitalization for the property is $50 million, the spokesman said.
Standard Communities builds, preserves and upgrades affordable and workforce housing. Started in 2008, Standard Companies manages over 12,300 apartments, of which nearly 9,000 are affordable, and has completed more than $1.7 billion of affordable housing acquisitions and rehabilitations.
Marcus & Millichap’s Palo Alto office brokered the deal for the sellers, Parkside Villa Associates and Rockwell Manor Associates. Standard Fairfield Venture LP represented itself.