![]() “They can acquire and offer middle-income housing quickly, creating real solutions for this key segment of the population." "Catalyst's innovative capital structure complements the work the nonprofit housing providers are doing while not eating up any of our resources," said Linda Mandolini, president of nonprofit housing developer and owner Eden Housing, in a statement. That’s something nonprofit housing companies that operate in the area appreciate. The goal is to not compete for the funding sources usually used in the “capital stack” for subsidized-housing projects, Moss said. “What’s unique in what we’re doing is it hinges on governmental-ownership leveraging to cover all costs of acquisition and renovation.” “Typically, firms leverage tax-credit bonds and local monies,” he said. The property-acquisition model is different from the model used by providers of rent-assistance housing, Moss said. Existing tenants remain in these properties. Occupancy is in the mid-90% range, with the remainder of the units largely in transition between tenants.Ĭatalyst just completed the acquisition of 699 units in two Glendale properties less than 10 years old and a 309-unit complex in the East Bay, deals totaling $525 million. Those projects include three complexes in the North Bay.Ĭatalyst acquired the 390-unit Annadel Apartments in Santa Rosa in Sonoma County in April 2019 with proceeds from $194 million in government revenue bonds, 286-unit Verdent at Green Valley in Fairfield in Solano County that August from $115 million in bonds, and 342-unit Serenity at Larkspur in Marin County in February of last year from $226 million in bonds. ![]() ![]() A Marin County startup focused on supply housing to teachers and emergency personnel often priced out of the state’s housing markets has bought 2,166 California apartments in the past two years, including 1,008 units newly acquired partly via an expansion of its portfolio to Southern California.Ĭatalyst Housing Group has deployed $1.3 billion so far to buy seven market-rate complexes, refurbish them and rent them to individuals and families in the “missing middle,” earning of 60%–120% of the local median household income, according to founder Jordan Moss. ![]()
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