Berkeley, Calif.—Multifamily specialist Related California has acquired 75 units in 15 public housing sites from the Berkeley Housing Authority. Through a partnership with the authority, Related will renovate the units, with the goal of improving a component of the city’s housing inventory for large families.
Renovations will include complete interior renovations with new finishes, appliances and fixtures, plus heating and water systems and upgrades to building exteriors and landscaping. Construction will begin during the last week of February with a target completion by the end of 2014.
Originally consisting of three- and four-bedrooms units, the rehab includes conversion of some units to two-bedroom. The project will also result in an increase of handicap-accessible units to seven, to allow more existing residents to remain on site.
The total cost for the work will be just under $36 million, according to Related California. The project financing plan includes tax exempt bonds, low-income housing tax credits, local HOME funds, as well as a carry back loan from the authority.
Related California has developed over 8,000 units of both affordable and market-rate multifamily and mixed-use residential properties in California over the last two decades. The company has developed a number of affordable properties in the Bay Area, including Crescent Cove in San Francisco and Lion Creek Crossings in Oakland.