FAIRFIELD, CALIF. — Opportunity Housing Group and the California Statewide Communities Development Authority (CSCDA) have partnered to purchase Waterscape Apartments, a multifamily property located at 3001 N. Texas St. in Fairfield. A joint venture between Angelo Gordon and Glencrest Group sold the asset for $70 million.
The 180-unit community will offer rents reduced to be affordable to low- to moderate-income individuals and families. On-site amenities includes a swimming pool, spa, picnic area with barbecue grills, a fireplace with lounge seating, package concierge, clubhouse, business center, fitness center, playground, dog park, gated access and 326 open, covered and garage parking spots.
Opportunity Housing Group is a Danville-based company focused on creating workforce housing in California. The company acquired the property in partnership with CSCDA using CSCDA’s Workforce Housing Program. Under this structure, middle-income workers, including teachers, first responders, civil employees and others, are offered discounted rents at the property that align with their incomes and have capped annual increases.
Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.