SAN LEANDRO — A San Leandro apartment complex was purchased by busy real estate allies who appear to be making deals at a time of some weakness in the region’s multifamily residential market.
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.
“The acquisition of Woodchase Apartment Homes marks our fifth acquisition of an affordable property in just under 15 months,” said Jeff Smith, Sack Capital president and managing partner.
Sack Capital Partners has been involved in closing other apartment deals in San Jose, Berkeley and Pinole, according to property records.