The management takeover of the 48 California properties was completed over the course of six months in three phases, in locations such as Los Angeles, Bakersfield, Fresno, Merced, San Jose, San Francisco and Sacramento. The properties are income-restricted LIHTC communities, and more than 100 people were hired to cover the sites.
Bringing these properties into its property management portfolio made sense for WinnResidential since it already manages more than 4,000 apartments in California, giving the company the “appropriate expertise in the market,” James Aliberti, senior vice president of WinnResidential, told MHN.
He added that WinnResidential has also worked with HCI in the past. “Our experience working with HCI in Arizona and our decades of experience in managing properties just like these throughout the United States made us very comfortable pursuing this right to manage this portfolio when we had the opportunity,” he said. WinnResidential manages six HCI Propeties in Arizona.
“We have been delighted with the quality of property management services WinnResidential has provided to our company and the residents of our six apartment communities in Arizona and look forward to their increased involvement with us now in California,” said Michael M. Snowdon, vice president of asset management for HCI.
California-based HCI and Highridge Costa Housing Partners specialize in affordable and mixed-income housing for families and seniors using LIHTC, as well as other public and private financing.
With this addition, WinnResidential manages 91 residential properties totaling 9,100 units in California and manages more than 98,000 units in the U.S. About 32,000 of those units are LIHTC housing, Aliberti said. “[LIHTC housing] is not only the kind of property we like to manage, but we certainly have a history of experience and expertise that is attractive to companies like HCI,” he said.
WinnResidential is a subsidiary of WinnCompanies, the fifth largest multifamily housing manager and the largest manager of affordable and military housing in the U.S.
Photos courtesy of WinnCompanies