ROEM Development Acquires Antioch Apartments for $22MM

Courtesy of everyaptmapped.com
Courtesy of everyaptmapped.com
Courtesy of everyaptmapped.com

Colliers negotiates sale of affordable Delta View Apartments in Antioch for more than $22 million, new owner will preserve development for lower income residents

SAN FRANCISCO – Colliers International recently closed a $22,050,000 sale ($107,560 per unit) of the Delta View Apartments, an 11-acre property of affordable housing in Antioch, California. The transaction was a re-syndication of Section 42 Low Income Housing Tax Credits (LIHTC.)

Located at 3915 Delta Fair Blvd., the fully-leased apartment complex features 205 affordable apartment units in 32 buildings. The Delta View Apartments will remain affordable housing under the new ownership. Tenants’ income must not exceed 60% of the median income of Contra Costa County.

Built in 1963, each cottage-style apartment home offers two bedrooms and one bath. The complex also features a leasing center, laundry facilities, a pool and children’s play area. Delta View became affordable housing in 2000, which will remain affordable housing under the current regulatory agreement.

Colliers’ Senior Vice President Mark J. Feldman, who is based in the brokerage firm’s San Francisco office, represented both the buyer and seller in the transaction. ROEM Development Corporation based in Santa Clara purchased the apartments from PAP Delta View LLC. Both companies are affordable housing developers. ROEM Development Corporation has designed award-winning residential projects and specializes in affordable family and senior housing, infill multi-family market-rate housing, and mixed-use, mixed income and mixed-density programs.

“Apartment properties in the Bay Area have experienced incredible rent growth and have become increasingly unaffordable to working class renters over the past five years,” said Feldman. “Properties like Delta View afford these residents a newly renovated and a sorely needed affordable place to live.”

Feldman added that the property is within walking distance of a regional mall, Los Medanos College, and in close proximity to major transportation arteries. A BART station also is expected to be completed in 2018, just three miles from Delta View Apartments.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm. For the latest news from Colliers International, visit Colliers.com or follow us on Twitter (@ColliersIntl) and LinkedIn.

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