LARKSPUR, CA – The Catalyst Housing Group has acquired two apartment buildings in Antioch and Dublin and expanded its innovative housing model across the East Bay. The transactions, which were completed in partnership with the California Community Housing Agency (CalCHA), will permanently convert currently marketable properties into limited-rent apartments for middle-income households.
Catalyst properties target the "missing center" – those who earn beyond traditional boundaries for affordable housing and still struggle to afford marketable housing. "We pride ourselves on delivering critical affordability and sustainability to Antioch and Dublin," said Jordan Moss, founder of the Catalyst Housing Group. "Both acquisitions provide an opportunity to advance our mission to place California nurses, teachers, first responders and officials directly in the communities in which they serve."
Aster in the city of Dublin is right next to the West Dublin / Pleasanton BART station. Aster was purchased for $ 163 million and developed in 2017. The company offers 313 luxury apartment units and more than 16,000 square feet of retail space on the ground floor, including Amakara, a renowned sushi restaurant with a significant following.
Mira Vista Hills in the city of Antioch is undergoing major renovations, with an emphasis on the exterior, the interior of the units, the common areas and improving the quality of life of the residents. At the same time, rents for middle-income households will be reduced significantly. The 280-unit property, which was purchased for $ 68 million, has historically been tied to a regulatory agreement that ensures the affordability of 20 percent of the property's units. The sale of Mira Vista Hills to a customary buyer would have ended the current affordability requirements. The Catalyst acquisition offers even lower affordability for the entire asset while avoiding the relocation of current tenants.
"The City of Antioch looks forward to partnering with the Catalyst Housing Group and the opportunity to provide more housing options for all segments of our community," said Forrest Ebbs, City Development Director for Antioch.
Since starting their middle-income residential partnership in 2019, Catalyst and CalCHA have successfully raised more than $ 1.3 billion in leading multi-family rental communities across Northern California to help address growing California income inequality and the associated middle-income housing crisis deal with. The nonprofit arm of Catalyst, the Essential Housing Fund, grants rent grants to essential workers, while the Catalyst Innovation Lab pilots and scales advanced solutions, tools and partnerships that increase operating margins, increase efficiency and improve portfolio sustainability.
Source: Catalyst Housing Group / CalCHA
