Wasatch Renovates 287 Units for $50M

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MISSION VIEJO, CA-Wasatch Advantage Group has completed a $25 million renovation of the 136-unit Spring Villas Apartments in Southern California and a $25 million rehab of the151-unit Hayward Village Senior Apartments near San Francisco. The Mission Viejo-based multifamily specialist has earmarked all 136 units of the Spring Villas for families earning 50% to 60% of the area median income for San Diego County and has set aside all 151 of the Hayward Village units for seniors age 55 and older earning from 50% to 60% of the area median income for Alameda County.

Kipling S. Sheppard, president and CEO of Wasatch, points out that rents now range from $618 to $898 for the Spring Villas complex, well below prevailing market-rate rents for comparable units in the region east of San Diego where the property is located. Rents range from $748 to $1,072 at the Hayward Villas, also well below prevailing market-rate rents in the region.