Greenwood Condominiums Dublin, CA
This is a 60-unit condominium complex, located in an infill neighborhood in Dublin, CA, a community where the median single family home price is $718,000 and the median condominium price is $538,900. Units were targeted at first time homebuyers and previous tenants, sold at an average of $307,957 per unit, affordable to households earning 94% to 129% (average of 105%) of the area median income. The price point enabled first time homebuyers to purchase a home in a market with increasing housing prices and near commuting routes and neighborhood amenities.
Ascend Residential Properties, Inc. East Bay, Scattered Sites
Rehabilitated and sold 32 affordable, single family homes in the most impoverished neighborhoods of the San Francisco Bay Area, in Oakland and Richmond.
Town Center - Grocery Anchored Retail East Palo Alto, CA
This is an opportunity to fund the predevelopment costs needed to bring a large, high-quality, full-service grocery store and other retail to a community of 35,000 residences that has never had a full service grocery store. This grocery anchored retail center will help to satisfy a major retail need for the community. Both the elected officials and the community have worked for years to attract a full service grocery store to the community.
Casa del Prado Townhomes Fairfield, CA
The project consisted of 81, two and three-bedroom town homes in Fairfield, CA. The units were sold to families earning 80% to 85% of the area median income.
Gateway Retail Center Marin City
The Gateway Retail Center is an 182,000 square foot community shopping center located in Marin County. The investment is a joint venture with the Marin City Community Land Corporation (“MCCLC”), a non-profit. Our partnership helps preserve MCCLC’s ownership interest in the property while providing the current cash flow necessary for MCCLC to fund needed community services and programs.
Hegenberger Business Park Oakland, CA
In September 2002, the fund provided $6.12 million for the construction of four R&D/flex industrial buildings comprising a total of 197,000 rentable square feet. The first project was the build-to-suit of the new headquarters facility for the United Brotherhood of Carpenters. In addition, building and land was sold for the relocation of a local motorcycle dealership, and the remaining land was sold to Comcast for the development of a new facility.
SRE Residential Richmond, CA
The fund acquired three non-contiguous parcels totaling 48.36 acres of environmentally contaminated land in Richmond, CA. Two parcels were zoned for heavy industrial use, while the third parcel was zoned for high-density residential development. The entire site was remediated, a tentative map was obtained, and the parcels were sold to developers. A portion of the site now contains 173 affordable entry-level homes, which provided for-sale, single-family housing targeted at families earning between 80% to 120% of the area median income. In addition, 35 of the homes are deed restricted and affordable to families making 80% of the area median income. All three parcels have been sold.
Plaza de San Jose San Jose, CA
This community shopping center was completed in January of 2006. The space is 92% leased, with tenants that include: Target, Walgreen’s, Wells Fargo Bank, Famsa, Starbucks, T Mobile, and Coldstone Creamery.
The Plant San Jose, CA
Environmental clean up and adaptive reuse of a 55.37 acre site. This development will consist of a 635,000 square foot power and lifestyle retail center. There is strong anchor tenant interest from businesses such as Target, Home Depot, SportsMart, Home Goods, Cost Plus, Old Navy, Staples, Washington Mutual Bank, and In N Out Burger. This project will bring jobs and much needed retail services to an underserved part of San Jose, while generating significant tax revenues for the City.
Cupertino Villas Sunnyvale, CA
The property is a 176-unit multifamily project located in Sunnyvale, CA. The project is located in a single family neighborhood where the average single family home price is over $664,000. Units have been targeted at first time homebuyers and previous tenants and 167 units have been sold between $188,074 to $472,635 per unit, affordable to households earning 55% to 93% of the area median income.
Silicon Valley Portfolio Sunnyvale & San Jose, CA
A nine building portfolio, totaling 380,000 square feet, acquired for rehabilitation and sale. With the lease-up or sale of these vacant buildings, the portfolio will provide the opportunity to create in excess of 450 jobs, as well as allowing small business owners the ability to capitalize on SBA financing to purchase the buildings themselves and create personal wealth.
Vallejo Plaza Vallejo, CA
This investment improved retail services to the surrounding community and facilitated the development of 200 apartments. The property consisted of 267,500 square feet of retail space as well as a seven-acre parcel on which was located a former movie theater and bowling center. The property repositioning has been completed, which included the re-tenanting of approximately 90,000 square feet to local merchants, including a grocery store, and the rezoning of seven acres to high density residential.
Waterstone Condominiums Vallejo, CA
Waterstone is a 180 unit condominium property in Vallejo, CA. The project provides affordable homeownership opportunities in an in-fill San Francisco Bay Area location close to commuting routes, neighborhood retail, and schools. The studio, one, two, and three bedroom units are priced at an average of $186,000. To date, 178 units have closed escrow, sold at prices affordable to families earning 65%-88% of Solano County area median income.
Pacific Cannery Lofts West Oakland, CA
This development consists of 161 loft-style condominiums that will be an adaptive reuse of a former industrial development. The units targeted entry level buyers, with units sold at prices affordable to families earning 80% of area median income.
