PACIFIC COAST VILLA APARTMENTS
LONG BEACH, CA
Pacific Coast Villa Apartments involved the acquisition and rehabilitation of an existing multifamily property with 50 homes within six two story, garden-style and townhouse buildings. The Property was built in 1979 on 3.7 acres of land and includes 24 two bedroom, 8 three bedroom and 6 four-bedroom apartments. While the HUD regulations restrict occupancy to households with incomes at or below 50 percent of AMI, under the 9 percent Housing Credit allocation, the Tax Credit Allocation Committee requires further targeting for some households at 30 percent and 40 percent AMI.
The rehabilitation was completed in early 2022 and included new electric ranges, refrigerators, garbage disposals, dishwashers, kitchen cabinets and countertops, plumbing fixtures, vinyl plank flooring, window blinds, ceiling fans and wall air-conditioning units, as well as refurbished balconies/patios. Community amenities included a refurbished standalone clubhouse with community room, kitchenette, meeting room and laundry facility, a playground, courtyard, 81 off-street parking spaces, and a picnic area.
Social services are being provided at the Property free of charge to residents and include but are not limited to adult educational classes such as health and wellness, financial literacy, computer training, home-buyer education, GED, resume building, ESL, nutrition, exercise and health information/awareness, parenting classes, on-site food cultivation and preparation. Individualized health and wellness services and programs include crisis intervention, counseling and emotional support, physical and mental health assessment, cleanliness and hygiene assessment, eviction prevention, and government and insurance entitlements education. There is a part time social services coordinator who is on site for approximately three hours per week.
Pacific Coast Villa Apartments was financed with $11,855,000 from equity raised by R4 Capital from investors in 9 percent Housing Credits, $18,350,000 permanent financing provided by Capitol One under HUD’s 221(d)(4) loan program, existing reserves and NOI during the rehabilitation.
The property was developed by Dawson Holdings, Inc. of Sausalito, CA. The firm was founded in 1997 and since inception has acquired and rehabilitated over 57 affordable Housing Credit properties containing more than 6,500 homes. A special purpose entity of Dawson Holdings is the administrative general partner. The managing general partner is Community Resident Services, a 501(c)(3) organization founded in 2007 to aid in developing affordable housing and providing services to residents.