Standard Communities to Renovate 128 Affordable Units in the Bay Area
The company acquired Parkside Villa Apartments and Rockwell Manor Apartments in Fairfield, Calif., and intends to invest $7 million in upgrades at both properties.
Standard Communities has purchased two fully affordable housing properties in Fairfield, Calif. According to Yardi Matrix data, Charles W. Davidson Co. is the former owner of both assets, which encompass 128 units. The buyer plans to spend $7 million on renovating both Parkside Villa Apartments and Rockwell Manor Apartments.
(Last month, in a public-private partnership with The State of Hawaii, Standard Communities and Stanford Carr Development completed the first phase of a $223.9 million plan to reposition 1,221 affordable housing units on the islands of Oahu, Hawaii and Maui.)
Located at 1650 Park Lane and 693 E. Tabor Ave., respectively, the two properties are roughly 3 miles of each other. They both provide easy access to Interstate 80 as well as several shopping and dining options. Each property encompasses 64 units, with two- and three-bedroom floorplans. Parkside Villa has 14 buildings, while Rockwell Manor spans across 12.
Both communities were built in 1980. Renovations are set to include modernizing building systems, updating facades, expanding and improving common areas and amenity spaces. The new owner intends to perform all capital improvements without displacing the residents during the work. Furthermore, the company announced it will not be increasing rents following the revamp.