
"An affiliate headed up by Step Up Housing, a nonprofit that provides and preserves housing for low- and moderate-income people, purchased the complex at 530 Sunnyview Dr. for $36.9 million, documents filed on Aug. 7 with the Contra Costa County Recorder's Office show. Sack Capital Partners, a real estate firm, teamed up with Align Finance Partners to craft a financing package that paved the way for Step Up Housing to gain ownership."
""Planned renovations at Bayside Apartment Homes include enhancements of amenities to common areas, as well as an overhaul of the units," Sack Capital Partners stated. Bayside Apartment Homes was built in 1974 and renovated in 2017, according to Sack Capital. The Pinole deal, along with prior transactions involving apartment hubs in Berkeley and San Jose, shows Sack Capital has become a player in purchases of multiple residential complexes in the Bay Area in recent weeks."
The 148-unit Bayside Apartment Homes complex at 530 Sunnyview Dr. in Pinole was purchased for $36.9 million by an affiliate led by Step Up Housing. Sack Capital Partners and Align Finance Partners structured the financing that enabled the acquisition. Fairfield Residential was the seller, and Institutional Property Advisors arranged the purchase. Planned renovations include upgrades to common-area amenities and complete unit overhauls. Bayside was built in 1974 and renovated in 2017. The acquisition is intended to keep the complex affordable for low- and moderate-income tenants. Sack Capital has recently acquired other Bay Area apartment properties.
Read at The Mercury News
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