Eden Housing and HPET Acquire 228-Unit Mixed-Income Community in West Sacramento

Savannah at Southport provides 118 affordable low-income rental family apartment homes and 110 market-rate/moderate income rental family apartment homes

West Sacramento, Calif. – Committed to both the building and preservation of affordable homes throughout California, Eden Housing and Housing Partnership Equity Trust (HPET) acquired Savannah at Southport, a mixed-income community a mere ten-minute drive from the state’s Capitol.

The community consists of 228 rental apartments in 15 low-rise buildings. Savannah was built in 2004 and has a mix of apartments for different income ranges.

The community provides 118 affordable apartments for low-income families earning between 50% and 60% of Yolo County’s area median income (AMI) or $36,100 to $43,320 for a family of four. An additional 10 apartments are for moderate-income households earning 120% AMI and the remaining 100 apartments are at market-rate.

“HPET and Eden are dedicated to preserving existing affordable homes for families and Californians who otherwise would not be able to afford a home,” said Linda Mandolini, Eden’s President. “Given the high cost of housing in California and the lack of sufficient resources to build new affordable housing, it is important that we do not lose any of our currently affordable homes. We consider Savannah at Southport an investment in California’s future and we are excited to bring our quality management and ownership experience to the greater Sacramento area.”

Savanah offers 44 one-bedroom / one-bathroom units, 120 two-bedroom / two-bathroom units and 64 three-bedroom / two-bathroom units. The community includes a community center, two playground areas for the community’s children, covered parking, a swimming pool and spa, a fitness center, a computer and business center, on-site laundry facilities; and on-site management and maintenance. There is a local bus stop in front of the property for residents to utilize public transportation.

The $30-million acquisition of Savannah at Southport is the second partnership venture between Eden Housing and HPET. The first was the 2013 acquisition of Woodside Court, a 100% affordable community in Fairfield providing 129 family rental apartments.

HPET, which launched in 2013, is sponsored by Housing Partnership Network (HPN). Eden is a member of HPN, a business collaborative of the nation’s leading housing and community development non-profit organizations, which combines social mission with private enterprise to address the need for affordable housing.

“The affordable housing crisis facing families in high-cost areas like Northern California is real and growing, and properties like Savannah at Southport provide a critical source of housing,” said President and CEO of Housing Partnership Equity Trust Drew Ades. “We’re thrilled to preserve our second affordable community with Eden and look forward to working together to serve more hard-working Californians.”

HPET fills a critical need for its non-profit members, who also belong to HPN, by allowing them to compete with for-profit developers and access long-term, low-cost capital to acquire apartment buildings quickly and efficiently within their communities. These real estate transactions are unique because they do not involve the use of federal housing tax credits or other public subsidies, which non-profits typically need to secure to finance the purchase of properties. This process can stretch up to two years. Before HPET launched, these non-profit developers could not compete with for-profit entities with ready access to capital and the ability to close deals quickly.

Across its entire communities’ portfolio, Eden Housing has virtually no vacancy and more than 22,000 households on its wait list, with many of its properties’ wait lists closed.

“The demand for our work is overwhelming,” said Ms. Mandolini. “We must continue to build and preserve affordable housing in California and make room in our communities for those who work at our grocery stores, coffee shops, schools, restaurants, and the places we enjoy near our own homes in our neighborhoods.”

Preservation of affordable housing communities is an essential part in addressing the housing crisis in California. Last summer, Eden Housing acquired two properties in Southern California preserving nearly 600 affordable rental apartment homes. Over the past few years, Eden has preserved more than nearly 2,000 affordable homes in California, including the merger with South County Housing.

 

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About Eden Housing

In its 48 years of service in California, non-profit Eden Housing has provided a home for more than 65,000 people. Hayward-based Eden Housing is the long-term owner-operator of its developments, and is committed to preserving and maintaining its buildings as community assets and supporting residents with a range of services. Since its founding in 1968, Eden Housing has developed, acquired, and/or managed more than 10,400 affordable homes in more than 165 properties. Eden provides professional property management and supportive resident services to families and individuals living in its portfolio of more than 8,200 apartment homes in nearly 130 properties throughout California. For more information about Eden Housing, visit www.edenhousing.org

 

About Housing Partnership Equity Trust

Housing Partnership Equity Trust is a social-purpose real estate investment trust created in partnership with 12 mission-driven nonprofits, and sponsored by Housing Partnership Network. HPET acquires naturally affordable multifamily rental properties for families, seniors and others with modest incomes through joint ventures with its nonprofit partners. To learn more, visit www.hpequitytrust.com.

The 12 nonprofit members of HPET are: AHC Inc. (Arlington, Va.), BRIDGE Housing Corporation (San Francisco, Calif.), Chicanos Por La Causa, Inc. (Phoenix, Ariz.), Community Preservation and Development Corporation (Silver Spring, Md.), Eden Housing, Inc. (Hayward, Calif.), Hispanic Housing Development Corporation (Chicago, Ill.), Homes for America, Inc. (Annapolis, Md.), LINC Housing Corporation (Long Beach, Calif.), Mercy Housing (Denver, Colo.), Nevada HAND, Inc. (Las Vegas, Nev.), The NHP Foundation (New York, N.Y.), and National Housing Trust/Enterprise Preservation Corporation (Washington, D.C.).

 

Housing and Vacancy Availability:

Please call Eden Housing at (510) 582-1460

 

Media Contact only:

Nathan Ho, Policy & Communications Manager
(510) 247-8193, nho@edenhousing.org

 

Active: 
Yes
Release Date: 
Tuesday, March 1, 2016
Date Updated: 
Wednesday, March 9, 2016

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