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Eden Housing Completes Transfer of South County Housing Portfolio
September 15, 2020
FOR IMMEDIATE RELEASE
September 15, 2020
Media contact: Matthew Indimine
510-589-7573
Matthew.indimine@edenhousing.org
Eden Housing Completes Transfer of South County Housing Portfolio
HAYWARD, CA — Eden Housing recently completed its merger with South County Housing, resulting in the preservation of 1,695 affordable homes across 41 properties, located in the counties of Santa Clara, Santa Cruz, San Benito and Monterey. Eden successfully assumed ownership of properties, merged property operations and resident services, and recently transferred ownership of the final property within the South County Housing (SCH) affordable housing portfolio. The acquisition included the integration of staff, two board members and the SCH properties.
Eden Housing embarked on the merger in 2013, seeking third-party consents needed to transfer ownership and change property management companies. The SCH Property Management and Resident Services staff transferred to Eden Housing Management, Inc. and Eden Housing Resident Services, Inc. effective January 1, 2014. Eden elected two South County Board Members to the Eden Board of Directors, Joe Postigo and Doug Kuerschner.
Like many aging portfolios, a large number of older properties needed improvements. Eden performed rehabilitations on seven properties, including Cypress Gardens, Rancho Park, Rustic Gardens, Connell Apartments, Monterra Village, Redwoods Apartments, and Wheeler Manor. Additionally, a rehab is currently underway at Charles Apartments in Marina and Sycamore Glen in Morgan Hill.
“Eden Housing’s experience, reputation, and financial strength put us in a strong position to successfully complete the large portfolio transfer of South County Housing. Subsequently we’ve been able to orchestrate a turnaround in the financial and physical performance for these communities,” said Linda Mandolini, Eden Housing President. “We are grateful for the support from our local partners, investors, and the State of California. With their support, this merger not only preserves more than 1,600 homes, but it ensures they remain affordable for years to come. ”
Eden’s preservation of affordable housing communities plays an essential role in addressing the housing crisis in California. In addition to the 1,695 homes preserved in partnership with South County Housing, Eden has preserved over 2,500 homes in recent years through acquisitions.
In this economic climate, Eden’s long-standing relationships and excellent track record with cities and governmental agencies put the organization in a strong position to further its mission to build, acquire and preserve quality affordable homes for generations to come.
“As board chair of South County Housing for many years, I was happy to see the merger with Eden Housing come to fruition,” said Doug Kuerschner, Eden Housing board member. “Now as an Eden Housing board member, I feel it is important to keep the South County portfolio intact and affordable. My hope is to increase the amount of affordable housing in the South Bay, as was the mission of South County Housing and now Eden Housing.”
About Eden Housing
Eden Housing is a non-profit with more than 50 years of experience in tackling affordable housing from all angles. We believe that home is where your start is. Every day, we create the housing needed to make sure all of our neighbors have a place to call home and advocate for still more, because safe and affordable housing helps families stay secure, allows communities to thrive, and solves many of our cities’ most pressing challenges. Learn more at edenhousing.org.