One of the largest and most well located affordable housing properties in the San Francisco Bay Area, the property features all one bedroom apartments and is home to senior and handicapped residents exclusively. The acquisition preserves the property's affordability status for 90 years. A $3-million upgrade is planned.
The Related Companies of California, based in Irvine, is an affiliate of The Related Companies Inc. of New York. The company and its affiliates are one of the country's largest syndicators and developers of affordable multifamily housing under the Low Income Housing Tax Credit program.
The Related Companies' California portfolio exceeds 6,000 units in San Francisco, Santa Clara, Los Angeles, Orange, San Bernardino and San Diego Counties, plus a pipeline of new developments.
The Noble Tower transaction was brokered by Richard Knutson and John Leyvas, principals of San Leandro-based Moison Investment Co. Moison has represented Related in the acquisition of 2,369 units of affordable housing in California over the past three years.
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