"The 186-unit Woodchase Apartment Homes was acquired for $47.4 million by a group led by Step Up Housing, a nonprofit that provides and preserves housing for low- and moderate-income people. Real estate firm Sack Capital Partners teamed up with Align Finance Partners to craft a financing package that paved the way for Step Up Housing to buy the property at 2795 San Leandro Blvd. The deal was completed on Dec. 16, according to documents on file with the Alameda County Recorder's Office."
""As a value-add opportunity, we at Sack Capital Partners, together with Step Up Housing and Align Finance, look forward to improving this centrally located affordable property to the benefit of existing and future residents," said David Feinberg, managing partner with San Francisco-based Sack Capital Partners. The complex's assessed value was $60.4 million as of January, Alameda County real estate records show. This means the purchase price was 21.5% below the assessed value. Assessed values are just one metric that can be used to gauge the value of a property."
Step Up Housing led a group that acquired the 186-unit Woodchase Apartment Homes for $47.4 million. Sack Capital Partners and Align Finance Partners structured financing to enable the purchase of the property at 2795 San Leandro Blvd. The transaction closed Dec. 16. Sack Capital described the purchase as a value-add opportunity to improve an affordable, centrally located complex for current and future residents. County records show the complex was assessed at $60.4 million in January, making the purchase price 21.5% below assessed value. Sack Capital noted this marks their fifth affordable property acquisition in under 15 months and has closed other Bay Area deals.
Read at The Mercury News
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