Partnership Completes Extensive Renovations of Affordable Housing Complex in High Demand Market
Renaissance Housing Communities, a California investor in real estate and community development initiatives, announced that, in partnership with its subsidiary, non-profit Foundation for Affordable Housing, Inc, the company has completed the $4.9 million (or $39,126 per unit) renovation of The Grove Apartments in Oakland, Calif.
Renaissance Housing Communities owns and operates market rate and affordable across California. Its mission is to enrich lives and revitalize communities by rehabilitating and preserving aging affordable housing stock. “Renaissance is truly excited to deliver this completely renovated community to the Oakland community in partnership with The Foundation, less than two years after we closed the acquisition,” said Co-Founder David Silver.
The Foundation is known throughout California for creating award-winning affordable housing with services. The Foundation strives to shape a positive perception of affordable housing and continue to work hard to increase awareness of the critical need.
“The Rehabilitation of The Grove (E.C. Reems) Apartments was crucial in a market like Oakland, where demand for multifamily product outpaces existing inventory,” said The Foundation’s Director of Asset Management Jason Acosta. “We are proud to be able to team up with Renaissance Housing Communities to provide improved apartment units, amenities, and more. Renaissance is dedicated to raising the bar on affordable housing for its residents.”
The Grove is located at 2600-2795 E.C. Reems Court in Oakland, CA. The community is comprised of one, two, three and four bedroom unit types. Originally constructed in 1948, these 15 two- and three-story walk-up buildings received extensive repair and rehabilitation. Unit improvements included new kitchen cabinetry (select units), countertops, appliances, and new vinyl flooring throughout. Common area amenities include community outdoor barbecues, picnic areas, playground, laundry facilities, enhanced security camera systems and extensive outdoor landscape enhancements. The majority of the Grove’s apartments are available to residents with household incomes at or below 50 percent of the area’s median income level.