Step Up Housing has obtained structured financing on Woodchase Apartment Homes, a 186-unit affordable housing community in San Leandro that they recently acquired for $47.375 mil. The financing of the property, located at 2795 San Leandro Blvd, was provided by Sack Capital Partners and Align Finance Partners.
The garden-style community of 13 buildings plus a community space features four distinctive, well-designed studio, one- and two-bedroom floor plans with an average unit size of 694 sf. Originally built in 1976, the community highlights include 93 loft-style apartment homes with soaring 19-foot ceiling heights.
Strategically located in the heart of the Bay Area, Woodchase provides residents convenient access to thriving employers in San Francisco, Oakland, Fremont, the Tri-Valley, the Peninsula, and Silicon Valley. San Leandro enjoys a diverse and growing employment base, including tech, healthcare, manufacturing, and distribution services -- all near major freeways and public transit options that provide easy commutes to key destinations throughout the Bay Area. Specifically, Woodchase is approximately one mile from the San Leandro BART station, providing direct connectivity to downtown San Francisco (24 minutes), downtown Oakland (20 minutes), and Fremont (22 minutes). Interstates 880 and 580 are both within two miles, providing efficient commuter access across the greater Bay Area Region. The San Francisco, Oakland, and San Jose international airports are all within approximately 30 minutes of the property.
“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, Sack Capital Partners Managing Partner. “Together we are committed to owning and managing for the returns it brings to both the community residents and our investors.”
San Leandro’s pedestrian-friendly downtown district, located approximately one mile from Woodchase, features a variety of boutique retailers, theaters, restaurants, bars, coffee shops, free public Wi-Fi, and weekly farmers markets. The city has become home to a vibrant local craft brewing scene, including 21st Amendment, Fieldwork, Drakes, and Sons of Liberty Alehouse, which feature weekly events with food trucks and live music. Additionally, there are several city and regional parks in close proximity, offering abundant hiking and biking trails, as well as San Francisco Bay shoreline access for boating and fishing.
Institutional Property Advisors represented the seller in the transaction.
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