CHW Completes Renovation of Sun Ridge Apartments, Preserving Affordability for 600+ Residents
Concord, CA (April 19, 2019) – On Thursday, April 18, Community HousingWorks (CHW) joined city officials, partners, and community members in celebrating the completion of the renovation at Sun Ridge Apartments in Concord, California.
“We are thrilled to officially open our first completed renovation in the Bay Area,” says Sue Reynolds, President and CEO of Community HousingWorks.
“With our 31-year history of developing and owning quality, affordable homes, we are providing home stability to residents throughout California including Concord, Contra Costa County, and beyond.”
Originally constructed in 1964-1965, Sun Ridge is a 198-apartment community with one-, two-, and three-bedroom apartments located on 5.74 acres in Concord. CHW, a long-term nonprofit owner, acquired the site in 2017, preserving the property as affordable for an additional 55 years on behalf of over 600 residents. Major renovations were completed in late 2018, resulting in a newly transformed development and revitalized community.
CHW employed its nationally recognized financial innovation to acquire and renovate Sun Ridge without any state or local subsidies, using private investment from federal low income housing tax credits and a Freddie Mac Tax-Exempt Loan.
“We commend Community HousingWorks for their financial acumen and quality renovation of Sun Ridge Apartments that preserved and improved affordable apartments in our city,” says Mayor Carlyn Obringer of Concord.
“CHW’s sophisticated financing of the property allows the City of Concord to preserve our existing subsidies for new construction to meet the housing needs of Concord residents and put our funding toward additional impactful affordable apartments and achieving the goals set forth in our Housing Element for Concord’s working families.”
Financing for Sun Ridge includees tax exempt bonds issued by California Statewide Communities Development Authority (CSCDA), a Freddie Mac Tax-Exempt Loan from Jones Lang LaSalle Multifamily, LLC (JLL), and $19.3 million in low income housing tax credit equity from Capital One’s Community Finance team through syndicator National Equity Fund, Inc. (NEF).
“CHW has a long track record of successfully acquiring and repositioning apartment communities and are well recognized in the market for their skill set. They execute acquisition/rehabs with the agility of much larger organizations,” says JLL’s Managing Director Tim Leonhard. “We have financed several of CHW’s acquisitions with the Freddie TEL product as well as Freddie Mac’s conventional acquisition loans."
"CHW was one of the first in the nation to utilize Freddie Mac’s Bridge to Resyndication program which fits perfectly into their mission of preserving quality affordable housing for the long term. JLL and Freddie Mac are proud to have been a part of yet another CHW successful redevelopment.”
CHW selected key investors to partner with the organization, providing a long-term partnership and necessary funding for Sun Ridge’s renovation and ensuring preservation of the property’s affordability.
“NEF is pleased it was selected as the tax credit syndicator for Sun Ridge,” says Todd Fabian, Western VP Regional Manager of NEF. “We're proud to have a long successful relationship with CHW, with 14 completed projects to date. Working with a long-term, mission driven organization like CHW helps us create more affordable housing options that revitalize communities.”
“CHW’s inclusion of a new computer room, community WiFi and a host of additional amenities in the renovation illustrates how commited they are to seeing their residents succeed,” says David Musial, a Director on Capital One’s Community Finance team. “It’s great we were able to be a partner in the preservation of this tax credit property to help residents succeed in this generation and the next.”
CHW delivers services through onsite staff, local partners and volunteers, creating sustainability and the ability to vary services based on resident needs and local resources. With a resident-driven approach, CHW’s Achieve Resident Services will provide family engagement activities, academic enrichment programs, financial education classes. and health and wellness activities to Sun Ridge residents.
As a sustainability leader, CHW made significant upgrades to improve energy efficiency, including new "cool" roofs, dual pane windows, LED lighting and solar thermal with high efficiency boilers. During construction, CHW recycled 90% of construction debris through the GREEN HALO recycling program with the general contractor, Portrait, resulting in 229.58 tons of recycled debris which reduced green house gases equivalent to 2,051 vehicles taken off the road. Sun Ridge’s rehabilitation improved the energy efficiency of the apartments by 29.5% compared to pre-renovation conditions, significantly reducing utility bills for residents. Conversion of turf and installation of drought tolerant plants results in estimated total water savings of 445,000 gallons per year.
All apartments were renovated with new kitchens, baths, vinyl plank flooring, no-VOC paint, and Energy Star appliances. Other substantial upgrades include lighting, accessible walkways, a community center with computer room where services will be provided for all residents, and an organic community garden. Landscaping includes California native plants to reduce water use throughout the property, designed by Blandscape architect MIG, Inc. out of Berkeley, CA
Nationally recognized for excellence in development, financing, and resident services, CHW continues to expand its reach statewide, with 30% of its apartments now located in Northern California. CHW also owns Parkside Terrace in San Jose, and will begin renovations for that community in late 2019.