Catalyst and CalCHA Acquire Two Additional Essential Housing Communities
Acquisitions further Catalyst's expansion throughout California
LARKSPUR, Calif., April 29, 2021 /PRNewswire/ -- Catalyst Housing Group ("Catalyst") has acquired two multifamily housing communities in Antioch and Dublin, expanding their innovative housing model across the East Bay. The transactions, completed in partnership with the California Community Housing Agency ("CalCHA"), will permanently transition the currently market-rate properties into rent-restricted housing serving middle-income households.
Catalyst's properties target the "missing middle" – those who earn in excess of traditional affordable housing limits yet struggle to afford market-rate housing. "We're proud to deliver critical affordability and sustainability to Antioch and Dublin," said Jordan Moss, Founder of Catalyst Housing Group. "Both acquisitions provide opportunities to further our mission of housing California's nurses, teachers, first responders and civil servants directly within the communities they serve."
Aster, located in the City of Dublin, is directly adjacent to the West Dublin/Pleasanton BART Station. Purchased for $163 million, and developed in 2017, Aster provides 313 luxury apartment units and more than 16,000 square feet of ground floor retail including Amakara, a renowned sushi restaurant with a significant following.
Mira Vista Hills, located in the City of Antioch, will undergo substantial renovations focused on building exteriors, unit interiors, common areas, and quality of life enhancements for residents, all while significantly reducing rents for middle-income households. Purchased for $68 million, the 280-unit property had historically been bound by a regulatory agreement providing affordability across 20 percent of the property's units. The sale of Mira Vista Hills to a market-rate buyer would have terminated the current affordability requirements. Catalyst's acquisition will provide even deeper affordability across the entire asset while avoiding displacement of current tenants.
"The City of Antioch looks forward to its partnership with Catalyst Housing Group and the opportunity to provide more housing options for all segments of our community," said Forrest Ebbs, Community Development Director for the City of Antioch.
Since launching their middle-income housing partnership in 2019, Catalyst and CalCHA have successfully acquired in excess of $1.3 billion of premier multifamily rental communities throughout Northern California to help address California's growing income inequality and the related middle-income housing crisis. Catalyst's non-profit arm, the Essential Housing Fund, provides rent subsidies to essential workers, while it's Catalyst Innovation Lab pilots and scales modern solutions, tools and partnerships that drive operating margins, building efficiencies and portfolio sustainability.
Catalyst Essential Housing Portfolio:
Northern California
Annadel
Santa Rosa, CA
390 Units
Arbors
Livermore, CA
162 Units
Aster
Dublin, CA
313 Units
Creekwood
Hayward, CA
309 Units
Mira Vista Hills
Antioch, CA
280 Units
Serenity
Larkspur, CA
342 Units
Verdant
Fairfield, CA
286 Units
Southern California
Brio
Glendale, CA
205 units
Next on Lex
Glendale, CA
494 Units
For more information about Catalyst, visit www.catalysthousing.com.
SOURCE Catalyst Housing Group
