Lincoln Avenue Preserves Affordability in the East Bay
Up to 132 apartments at Rica Vista will remain affordable for the next 55 years.
Rica Vista Apartments. Image courtesy of Yardi Matrix
Lincoln Avenue Capital (LAC) has partnered with the Housing Authority of the City of Alameda in order to preserve the affordability of up to 132 apartments at Rica Vista, a 186-unit community in Alameda, Calif., for the next 55 years.
LAC had acquired Rica Vista, then a market-rate property, in 2020 from Pacific Urban Investors. The transaction was financed through the National Equity Fund along with subordinate financing from the Chan Zuckerberg Initiative through the Bay’s Future Fund.
Following LAC’s partnership with the Housing Authority, the community will transition from market rate to workforce housing and will cater to residents earning up to 80 percent of the area median income.
An amenity-rich affordable asset
Completed in 1967 and renovated in 2020, Rica Vista incorporates one- and two-bedroom floorplans ranging from 700 to 915 square feet. Apartments feature granite counters and stainless-steel appliances, as well as private balconies or patios. Common-area amenities include an outdoor lounge, two swimming pools and five laundry facilities.
Located at 1825 Poggi St., the asset is across the street from the College of Alameda, 3 miles from downtown Oakland and roughly 15 miles from San Francisco. There are numerous retail and dining options nearby, along Webster Street.
LAC CEO Jeremy Bronfman emphasized in prepared remarks the company’s commitment to providing long-term affordable residences. Recently the firm secured $136 million for the construction of two adjacent affordable communities totaling 570 units in Bradenton, Fla.
