English Bulldog Puppies for Sale in Richmond, CA

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

In the two decades Flor Castro has lived in Richmond, she’s seen many things change. One thing that has remained relatively stable is the $1,500 rent for the three-bedroom apartment she shares with her husband and two children, thanks to the city’s rent control laws.

“I’m very grateful to God for everything I have because there are other families that need not just one job, but two jobs,” Castro said in Spanish. “So, up until now, that’s not my situation, but I don’t know about the future.”

In 2016, Richmond became the first city in nearly 30 years to enact a new rent-control law in California. It was a long time coming, said Councilmember Gayle McLaughlin, noting that as early as 2005, council members had tried to make it happen. Finally, the proposal had enough support to put it to voters.

“In 2016, we put it on the ballot, and 58% of Richmond voters supported it. I think it has made an enormous difference.” McLaughlin said.

Richmond residents affirmed the decision in 2022, voting for a measure that lowered the amount rent could go up from 5.2% to 3%.

Voters are being asked to weigh in on the question again, only this time, it’s on the statewide ballot. Proposition 33 would repeal a law that inhibits local governments from imposing rent control on single-family homes and on housing built since Feb. 1, 1995. That law also limits rent control to how much a landlord can increase rents. It does not give local governments authority to restrict what landlords can charge tenants when they move in.

Unexpected expenses

Prop. 33 would give cities and counties the ability to control rents for any housing type, as well as limit how much a landlord can charge when a tenant moves in. While it would not alter local rent control laws, it would enable cities and counties to change them.

For tenants living on tight budgets, the proposition could ease the pressure of rising living expenses, which threaten their ability to save enough money to cover unexpected costs.

Castro recently had to deal with such a cost, when both her car and her husband’s broke down. With her early morning shifts as a kitchen worker and her husband’s job as a cook, the expense created a lot of stress for the family.

“These are not predictable expenses — they’re not like an electricity bill that comes regularly,” she said. “You don’t always anticipate these things, so you have to have savings. If you’re living paycheck to paycheck, it’s impossible to cover these kinds of costs.”

Add to that, the deflation of their savings during the pandemic when they were forced to draw from it, and the cost of insulin that Castro’s husband, a diabetic, needs daily. Managing living costs can be a delicate balancing act for them and many others..

“We live cautiously because we don’t know what might happen next, especially with my husband’s health,” Castro said.

She considers herself lucky, though, because her rent is well below the average of $1,990 for a one-bedroom apartment in Richmond — $2,278 for a two-bedroom apartment, which is still smaller than the Castro family would need.

Sara Cantor, chair of Richmond’s Rent Board, said if Prop. 33 passes, the city could apply rent control across the board.

“I see the rent control ordinance as encouraging fairness and justice in relationships between landlords and tenants,” she said.

But Prop. 33 isn’t fair to small landlords, said Barry Grant, who rents out a duplex in Richmond. He doesn’t like that the law lumps small landlords like him with those who operate apartment complexes. It’s already hard to keep up with the mortgage, taxes and maintenance, which take up a sizable portion of his earnings, he said. Prop. 33 would cut into those even more.

“There has to be some distinction in how rent control is applied across small businesses, commercial businesses, and smaller, mom-and-mop landlords,” he said.

Shawn Dunning, a City Council candidate in District 6, has taken up the cause of small landlords, saying Prop. 33 would push some to stop renting — reducing the number of rental units at a time when housing is in short supply. Proponents, he said, aren’t seeing the big picture.

“They don't get it, and they think that anyone renting out a house is just some, you know, slum lord with deep pockets trying to take advantage of people, and that is just not the case,” he said.

Cantor has heard that argument but doesn't think sales of rental units would necessarily be a bad thing. “If people follow through on their threats to get out of the rental market if rent control were applied across the board, I think that another impact that that might have is increasing the amount of housing that is available for potential homeowners," she said.

Bay Area's high housing costs

Prop. 33 is coming to voters at a time when the Bay Area housing market is among the highest in the nation. The real estate app Zillow puts the average home price in Richmond at $625,000, which is about half of what it costs to buy a house in neighboring Berkeley. The high prices have locked many young people out of the market, forcing them to continue renting.

Nearly half of the households in Richmond are renters, census data shows.

Jim Becker, CEO and president of Richmond Community Foundation Connects, an organization advocating for systems that promote equity and justice, said the real solution lies in an overhaul of the housing market. He argues that treating homes like tradable assets drives up prices and exacerbates the affordability crisis.

"We have to take housing basically off the commodities market,” Becker said. “Until we do that, I think we’re going to still have these challenges.”

Dunning said disagreeing with Prop. 33 isn’t the same as being against protections for tenants.

“The pro of rent control is to provide reasonable boundaries to prevent gouging,” he said. “I'm absolutely in support of protections to make sure housing is secure.”

His opponent, incumbent Councilmember Claudia Jiménez, has made rent control and affordable housing a central part of her campaign platform. She was unavailable for an interview when Richmond Confidential reached out to her for comment.

The Richmond Rent Program, which came out of the 2016 vote, offers resources for both tenants and landlords, including monthly workshops on rent control, housing counseling and rental assistance programs. It includes a rent adjustment petition process, which allows tenants and landlords to request changes to rent based on specific conditions.

About 7,857 rental units are registered under the program. The rent control law restricts rent increases and eviction, promoting housing stability by giving tenants predictable housing expenses.

“Even if you're paying the Bay Area’s highly inflated rents, it's much easier to plan for the future, because your housing costs are more predictable," said Nicolas Traylor, the program’s executive director.

Castro understands that. Household costs affect every aspect of her daily life. A simple trip to the grocery story can upend her budget. And she’s often forced to put off a necessary purchase until the next pay period, keeping her from building her savings to handle that unexpected expense.

“We’re always thinking about what’s coming next and what will happen later and if we’ll have enough,” she said. “It’s bad because sometimes you don’t enjoy life. It’s a lot of pressure to live like this."

California voters to decide if forced prison work constitutes slave labor and should be prohibited

Updated 2:05 p.m. Friday

A popular Richmond nursery that shut down abruptly last month amid employees’ concerns about its management will reopen under a new name — but plans to get back to its roots, according to its new owner.

Colleen Wheeler, who was the head of research and development at Annie’s Annuals and Perennials when it shut down, has purchased the Richmond nursery and its stock of plants, she said. While other owners bought the name and online services, Wheeler said she and a team of about 15 former Annie’s employees plan to continue the legacy started by Annie Hayes three decades ago.

“It’s such a lovely expression of the joy that [Hayes] imparted on everybody who walked through these gates, and all we can hope to do is do right by that legacy, continue it on inside of this space, and provide further inspiration to people,” Wheeler said. “And continue to fill Bay Area gardens with the plants that have really defined gardening and horticulture in the broader Bay Area.”

Wheeler was one of a few employees held over after former owner Sarah Hundley announced earlier this month that she would close Annie’s due to medical issues. Multiple former employees, however, told KQED that since Hundley took over the nursery from Hayes in 2021, she had berated and bullied managers as business went downhill.

Hundley has denied the allegations.

After the closure, Wheeler was tasked with keeping the plants alive while Hundley worked out a sale of the space and stock. She and the other staff members still employed realized that by combining their assets — with the help of Wheeler’s mother, Penny Orland — they could purchase the space.

“Everything that we needed was here, and it was within our reach,” Wheeler said. She and her mother are co-owners of the new nursery, which will be called Curious Flora Nursery.

“It’s just been a roller coaster of three weeks, putting everything in place to do that,” Wheeler continued.

Along with Wheeler, Curious Flora will be led by Memo Galarza and Carlos Castillo, two of Hayes’ earliest employees. Together, they hope to get back to the Annie’s that Wheeler said she began making “pilgrimages up to” when she was first studying horticulture in Southern California.

“I heard about this wild and crazy nursery where they had to have these huge parties, and they would play these amazing games and people would dance,” Wheeler said. “There was like a ‘Supermarket Sweep’ where somebody would have 15 minutes with a little red wagon to fill up with as many plants as they could.”

Wheeler said people can expect more parties with gogo dancers, community events and rare plants in the future.

Curious Flora plans to open Nov. 2, less than a month after Hundley announced Annie’s would close immediately — shocking and saddening longtime fans, some of whom had traveled from as far as Colorado to peruse the curated selection of rare and native plants over the years.

Others questioned whether Hundley was closing the beloved business fairly.

Gift cards were voided, and returns weren’t allowed upon the store’s closing — the same day it was announced. Employees said they only found out the day before, many through managers or other co-workers.

About 10, including Melanie Williams, who started working at Annie’s in 2013, accused Hundley of bullying. Many said she did not run the business efficiently.

At the time, Hundley told KQED in an email that she “closed the business in a way that I could best take care of them one last time by providing them with severance.”

She said Thursday that she was thrilled the business would now be owned by people who have loved Annie’s for years.

“Having a group of employees who love the nursery continue its legacy is very special, and I am excited to see Annie’s live on for them and the community,” Hundley said via email.

Williams said she was “elated” for the future of the business under Wheeler and the others.

Curious Flora will not be able to bring back all employees let go by Hundley, Wheeler said, since the business is not going to be doing mail orders just yet.

“We’re going to have to be a little lean and just wait for the public to find their way back to us,” Wheeler said. “But we have every intention of offering all of the great elements that have defined this space.”

The Hageman family, who owns one of the largest independent organic farm and garden suppliers, has acquired Annie’s name, logos, website and online ordering, Wheeler said. According to an Instagram post, its collections will be available online for shipping again next spring.

According to a post on their site, people with outstanding gift cards, pending purchases or returns can file a claim with ApisRegina, which is doing business for Annie’s Annuals and Perennials.

Wheeler said building up Curious Flora isn’t going to be easy, but it will be guided by wisdom from Hayes.

“Through all of the years when they had struggles, and they didn’t know how they were going to make it work, she would just remind everybody that the nursery wants to live and that the nursery has always wanted to live,” Wheeler said. “Knowing that [Galarza] and [Castillo] are here to guide the nursery going forward … us doing this would allow the nursery to continue to live.”

Home > Case Studies > Richmond, California: Rehabilitation of Vacant Public Housing Site Preserves Senior Housing

Nearly a decade ago, Mercy Housing and Community Housing Development Corporation (CHDC) partnered to rehabilitate Hacienda Heights, a public housing development in Richmond, California, that had been vacant since 2014. Although the developers originally planned to work with the Richmond Housing Authority to renovate the building while it was still occupied, funding challenges delayed the project, allowing housing conditions to worsen and, ultimately, forcing the residents to relocate. After a nearly 4-year search for funding, the partnership received a philanthropic donation that kickstarted the program and reimagined the site.

In 2023, Hacienda Heights opened as affordable housing for seniors. In addition to preserving housing for the seniors who were the development's primary tenants before it originally closed, the project optimizes the site to offer in-house and external community programming as well as improved access to neighborhood resources, including a Bay Area Rapid Transit (BART) station and parks. Furthermore, the rehabilitation upgraded the building's energy efficiency and provided needed earthquake protection. In 2023, Hacienda Heights won Affordable Housing Finance magazine's 2023 Reader's Choice award for Public Housing Redevelopment.

Hacienda Heights

The Hacienda Heights site spans 1.9 acres and preserves the six-story public housing building originally built in the 1960s. Designed for seniors at least 62 years of age, the rehabilitation preserves the original layout of all 150 units. Along with 12 two-bedroom units, the renovated building has 24 studios and 114 one-bedroom units intended primarily for individuals. All units have windows on both sides to allow improved ventilation and share an exterior walkway. Upgrades to each unit include new kitchens, bathrooms, flooring, and energy-efficient appliances. Ten percent of the units are fully accessible for senior residents living with disabilities.

The upgraded units are paired with onsite services that follow Mercy Housing's model to provide "service-enriched affordable housing." The developer assigned two resident services coordinators (RSCs) to fulfill the four pillars of its approach to service: education, economic development, health and wellness, and community. The RSCs facilitate community events such as birthday celebrations and tai chi classes. Mercy Housing also partnered with Hope Solutions to provide more intensive care management for residents who previously experienced homelessness.

Improved Site Safety and Neighborhood Access

Two key issues with the previous development's configuration were that residents did not feel safe in the community and that the development felt disconnected from the surrounding neighborhood. The ground-floor amenities and shared community space offer solutions to these issues. The developers saw the ground floor, which includes a community room and office space, as an opportunity to improve security. The community room, an extension of the smaller, original community space, opens to a courtyard that includes a grill, seating for outdoor events, and community garden plots.

The revised layout of the offices in the new development allows case managers and resident services personnel to monitor the community room, lobby, elevators, and courtyard. This improved visibility also enhances interactions between staff and residents.

Another design decision was to relocate the building's front entrance from 13th Street, a side street, to Marina Way, a busier street with more direct access to the BART station and a local bus stop. In addition to facilitating vehicular traffic to and from the site, the new entrance creates a centralized entry point for cyclists and pedestrians and enhances opportunities for resident interaction. The entrance also incorporates public art, including an installation extending from the building's entrance along the length of the fence adjacent to Marina Way, to strengthen the development's connection with the surrounding neighborhood and celebrate its residents. The 13th Street entryway remains as a staff and utility service entrance that is more fitting for the neighborhood-scale street.

The successful rehabilitation effort required overcoming the challenge of retrofitting the old building to meet current seismic standards for earthquake safety. The resulting building has five seismic braces and a new roof. Led by structural engineers, the developers moved the seismic strengthening to the exterior of the building. The developers began the seismic work first, and concurrent interior upgrades reduced construction time by nearly 2 months.

Financing

Approximately $7 million in philanthropic funding spurred the rehabilitation of the site, and the developers leveraged that donation into more than $77 million in additional funding (Table 1). By donating the building and offering a ground lease on the land, the city of Richmond significantly lowered development costs. In 2019, the project received slightly more than $16 million in funding under California's Multifamily Housing Program. Finally, the project received more than $33 million in 4 percent tax credit equity to start construction in 2021.

Table 1. Funding Sources for Hacienda Heights.

Investing in the Aging Senior Housing Stock

The nearly 10-year effort to transform Hacienda Heights reveals the importance of early investment and preservation of existing affordable housing. Older affordable housing developments tend to house seniors — an age group whose members have special housing needs that must be met for them to successfully age in place. If the developers had not received the philanthropic funding to prevent the building from falling into disrepair and becoming uninhabitable, Richmond would have lost a significant amount of its senior housing stock.

Michael Kaplan, associate director of real estate development at Mercy Housing, says, "Although this ended up being an amazing outcome, it ended up costing [us more than it should have]. If the investments were made earlier, then [they] might not have cost as much, and [residents] might not have [had to] be displaced." Although the delays and associated costs presented a risk to maintaining the affordable housing stock for seniors, the project ultimately resulted in a state-of-the-art facility with enhanced services and community integration. Kaplan highlights that the challenge gave the developers an opportunity to rethink the design, and he shares that Mercy Housing "made [changes] to the building layout [and] how the services were provided [that] essentially [resulted in] a new building" that will serve its residents for years to come.