Financing Structured by Sack Capital Partners and Align Finance Partners; Will Also Provide Asset and Property Management of Affordable Community
Sack Capital Partners (Sack), a San Francisco-based real estate investment and management firm with multifamily properties throughout the west coast, and Align Finance Partners (Align), specialists in affordable housing finance and operations, today announced the close of structured financing on Step Up Housing’s acquisition of Vue at 3600 in Richmond, California. Sack will also provide asset and property management for the 240-unit affordable asset. At closing, a regulatory agreement was recorded against title requiring 180 units (75%) to be affordable.
“Our team at Sack is pleased to participate with Step Up Housing in preserving this high-quality affordable community of Richmond in the dynamic and growing Contra Costa County,” said David Feinberg, Sack Capital Partners Managing Partner. “We plan to renovate units and add amenities to the common areas, including updated appliances, new countertops, updated cabinets and hardware, new plumbing and lighting fixtures, and vinyl flooring.”
Built in 1990 and located at 3600 Sierra Ridge Road on approximately 12.06 acres, Vue at 3600 offers residents a scenic hilltop setting with dramatic views from select units and common areas, as well as a comprehensive amenity package highlighted by a resort-style pool, two spas, expansive clubhouse, fitness center, and enclosed dog park.
The property also enjoys a diverse and thriving employment landscape in Richmond, which is home to a wide range of industries, including manufacturing, healthcare, technology, and logistics. Major employers include Chevron, Amazon, Blue Apron, and Kaiser Permanente.
Institutional Property Advisors represented the seller in the transaction.
Sack Capital Partners
Founded in 1958, Sack Capital Partners is a vertically integrated, private real estate company that focuses on the acquisition, improvement, management, and disposition of a broad range of multifamily properties in the Western U.S. Based in San Francisco, the firm’s current portfolio includes approximately 3,000 apartments in 15 cities in the Western U.S.
Align Finance Partners
Align Finance Partners was founded in 2017 and specializes in affordable housing finance and operations. The principals of Align have provided over $7 billion of principal financing for affordable housing, and developed, owned, and managed approximately 27,000 affordable housing units in more than 275 communities throughout the United States.
Step Up Housing
Step Up Housing is a nonprofit public benefit corporation formed in 2021. Step Up provides housing for low- and moderate-income persons and households. Step Up’s mission is to create, preserve, and operate safe, quality affordable housing for its residents. Its mission is deeply rooted in its commitment to foster thriving communities.
Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
