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3/09/16
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ROEM Development Corporation purchased Delta View Apartments, a 205-unit affordable housing property in the Bay Area city of Antioch, for $22.05 mil ($108k/unit). The transaction was a re-syndication of Section 42 Low Income Housing Tax Credits (LIHTC.)
Situated on 11 acres at 3915 Delta Fair Blvd, south of Hwy 4 and west of Somersville Rd, the fully-leased complex consists of 32 buildings. The Delta View Apartments will remain affordable housing under the new ownership. Tenants’ income must not exceed 60% of the median income of Contra Costa County.
Built in 1963, each cottage-style apartment home offers two bedrooms and one bath. The complex also features a leasing center, laundry facilities, a pool and children’s play area. Delta View became affordable housing in 2000, and will remain affordable housing under the current regulatory agreement.
The property is within walking distance of a regional mall, Los Medanos College, and in close proximity to major transportation arteries. A BART station also is expected to be completed in 2018, just three miles from Delta View Apartments.
Mark J. Feldman of Colliers International represented the buyer and the seller, PAP Delta View LLC. Both companies are affordable housing developers.
“Apartment properties in the Bay Area have experienced incredible rent growth and have become increasingly unaffordable to working class renters over the past five years,” said Feldman. “Properties like Delta View afford these residents a newly renovated and a sorely needed affordable place to live.”
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