DUBLIN, CA – CSCDA Community Improvement Authority and BLVD Impact Housing have acquired Waterford Place Apartments in Dublin, CA, a suburb in the East Bay, in a public-private partnership. While CSCDA and BLVD's subsidiary BLVD Communities have worked together in the past on the maintenance and refurbishment of low-income housing, this acquisition is their first joint effort to address the needs of the "missing middle" by creating 390 moderate income units.
Originally built in 2003 at market prices, the luxury apartments offer a first-class package of amenities, complete with a resort-style pool, 24-hour gym, movie theater, clubhouse and retail store on the ground floor. The property also offers direct access to the shops at Waterford and Emerald Glen Park, a 48 acre neighborhood park with a water sports center, sports fields and picnic facilities. As the project manager, the BLVD will ensure that the property remains a class A shared apartment in the future.
With immediate effect, newly vacant residential units in the property will be made available to households who earn less than 80%, 100% or 120% of the median income. The rental rates for the units will be affordable for each of the income categories, resulting in reduced rental rates of around 10% over current market rents, with a cap on future rental increases. In addition, no existing tenants will be displaced and those with creditable income will receive the corresponding rental discounts. The rental price cuts will bring significant benefits to middle-income Dublin residents, including teachers, healthcare workers and other key workers.
BLVD Managing Director Patrick Luke explains, "As a company, we are constantly striving to make a positive impact on the housing crisis. By converting 390 units into the main housing program, we are thrilled that these units are increasingly vulnerable and growing Population now and in the future. " Over the past 8 years, BLVD and its subsidiaries have developed, maintained and owned a portfolio totaling more than 6,000 units. Luke continues, “However, 390 units are just a small drop on a large bucket. We will continue to focus on finding innovative solutions until there is no more crisis. "
The support of the City of Dublin was critical to this transaction and shows its commitment to the residents of their community. "I am delighted that Waterford will offer affordable rents for middle and low income earners such as school teachers, police officers and young professionals," said Sherry Hu, Dublin City Council member. “It's a good example of a public-private partnership: the City of Dublin, Blvd Impact Housing and CSCDA. I am pleased to see that the city council can make a major contribution to the realization of this much-needed affordable housing project. "
