CSCDA Community Improvement Authority and BLVD Impact Housing Have Rejoined Forces to Convert Dublin Apartments into Moderate Income Housing

DUBLIN, Calif., Sept. 16, 2021 /PRNewswire/ -- CSCDA Community Improvement Authority ("CSCDA") and BLVD Impact Housing ("BLVD"), in a public-private partnership, have purchased the Waterford Place Apartments in Dublin, CA, a suburb in the East Bay. While CSCDA and BLVD's affiliate, BLVD Communities, have worked together in the past on the preservation and rehabilitation of low-income housing, this acquisition marks their first collective effort toward solving the needs of the "missing middle" through the creation of 390 moderate income units. 

Originally constructed in 2003 as a market rate community, the luxury apartments feature a best-in-class amenity package, complete with resort style pool, 24-hour gym, movie theater, clubhouse and ground floor retail.  The property also features immediate access to the Shops at Waterford and Emerald Glen Park, a 48-acre neighborhood park with aquatic center, sports fields and picnic facilities. In its capacity as the project administrator, BLVD will ensure the property remains a Class-A apartment community well into the future.

Starting immediately, newly vacant apartment units at the property will be made available to households earning less than 80%, 100% or 120% of the area median income. The rental rates for the units will be affordable for each of the income categories, resulting in reduced rental rates of approximately 10% from current market rents, with a cap on future rental rate increases.  In addition, no existing tenants will be displaced and those with qualifying income will receive the applicable rent reductions.  The rental rate reductions will provide a significant benefit for middle-income residents of Dublin, including teachers, healthcare works and other essential workers. 

BLVD's Managing Principal, Patrick Luke, states, "As a company, we are constantly striving to have a positive impact on the housing crisis. Through the conversion of 390 units into the essential housing program, we are thrilled these units will be available to an increasingly vulnerable and growing population now and into the future." Over the last 8 years, BLVD and its affiliates have developed, preserved and own a portfolio of more than 6,000 total units. Luke continues, "However, 390 units is just a small drop in a large bucket.  We will continue to focus on finding innovative solutions until a crisis no longer exists."  

The City of Dublin's support was critical to this transaction, and showcases their commitment to the residents of their community. "I am so happy to see that the Waterford will provide affordable rentals to mid income and lower income earners, such as school teachers, police and entrance level professionals," said Dublin City Council member Sherry Hu. "It is a good example of a public-private partnership; the City of Dublin, Blvd Impact Housing and CSCDA. I am pleased to see that the city council is able to play a big part in achieving this much needed affordable housing project."

Project Team:

• Owner/Purchaser: CSCDA Community Improvement Authority
• Project Administrator: BLVD Impact Housing
• Property Management Company: Greystar

BLVD Capital, BLVD Communities, and BLVD Impact Housing, are affiliates of The BLVD Group. BLVD is an owner, operator and developer of multifamily housing nationwide. BLVD aims to create, preserve and expand long-term housing affordability for households in all income categories. BLVD has a proven record of successfully owning, developing and operating housing, with a current portfolio of over 6,000 apartments units in 17 states.  

SOURCE BLVD Group