PINOLE — The 148-unit Bayside Apartment Homes complex in Pinole is slated to remain affordable after a nonprofit, real estate firm and financial company teamed up in a recently made deal.
An affiliate headed up by Step Up Housing, a nonprofit that provides and preserves housing for low- and moderate-income people, purchased the complex at 530 Sunnyview Dr. for $36.9 million, documents filed on Aug. 7 with the Contra Costa County Recorder’s Office show.
Swimming pool and gathering areas within Bayside Apartments at 530 Sunnyview Drive in Pinole. (Bayside Apartments)
Sack Capital Partners, a real estate firm, teamed up with Align Finance Partners to craft a financing package that paved the way for Step Up Housing to gain ownership.
“Sack is pleased to partner with Step Up Housing in preserving this high-quality affordable community of Pinole in vibrant Contra Costa County,” said David Feinberg, a managing partner with Sack Capital.
San Diego-based Fairfield Residential was the seller. Institutional Property Advisors, a unit of commercial real estate firm Marcus & Millichap, arranged the purchase.
The new ownership group says upgrades are in the works.
“Planned renovations at Bayside Apartment Homes include enhancements of amenities to common areas, as well as an overhaul of the units,” Sack Capital Partners stated.
Bayside Apartment Homes was built in 1974 and renovated in 2017, according to Sack Capital.
The Pinole deal, along with prior transactions involving apartment hubs in Berkeley and San Jose, shows Sack Capital has become a player in purchases of multiple residential complexes in the Bay Area in recent weeks.
On Aug. 29, Sack Capital paid $52 million for the 164-unit Fountain Park apartment complex in San Jose. On Sept. 19, the firm paid $52.3 million to buy Fourth & U, a 171-unit residential hub in Berkeley.