LARKSPUR, CA – Catalyst Housing Group partnered with the California Community Housing Agency to buy Summit at Sausalito, its 14th Essential Housing property. The acquisition marks Catalyst’s fifth of the summer, all part of their statewide push to permanently transition market-rate housing to rent-restricted communities serving middle-income households.
“Our unique financing model, and partnership with multiple state agencies, enable us to protect existing tenants from the threat of displacement while providing communities with an immediate supply of desperately-needed middle-income housing,” said Catalyst founder Jordan Moss. “The long-term community benefits will prove to be as impactful, where all economic upside is transferred directly to our portfolio’s underlying municipalities.”
Launched in 2019, Catalyst’s innovative model spawned California’s first governmental entity focused exclusively on middle-income housing production. This entirely new asset class, which Catalyst coined “Essential Housing,” provides affordable rental housing to California’s essential workforce – the nurses, teachers, first responders, civil servants and others who increasingly earn too much to qualify for traditional affordable housing, yet not enough to live directly within the communities they serve.
With picturesque views of the Bay, Summit at Sausalito (198 units) joins Fountains at Emerald Park (324 units, Dublin), The Breakwater Apartments (400 units, Huntington Beach), Elan Huntington Beach (274 units, Huntington Beach), and The Exchange at Bayfront (172 units, Hercules) as Catalyst’s most recent acquisitions. Over the past two years, Catalyst’s Essential Housing acquisitions total more than $2 billion and 4,000 units of premier multifamily rental communities bought to address California’s growing income inequality and the related middle-income housing crisis.
“We are proud that Marin is home to two Catalyst properties,” said Marin County Supervisor Stephanie Moulton-Peters. “It is crucial for Southern Marin to take care of our renters, especially given the impacts of the pandemic, and this an vital strategy to further racial equity in our county while helping us meet our affordable housing goals.”
To complement its acquisition in Sausalito, Catalyst has formed a partnership with the Marin City Sausalito School District and seeded it with a $100,000 contribution to Essential Housing Fund, Catalyst’s nonprofit arm. The donation will provide additional rental subsides to local elementary and middle school teachers, as well as other District employees.
“We are thrilled to partner with Catalyst and appreciate their recognition of how teachers and other essential workers are so integral to our communities,” said Itoco Garcia, Superintendent of the Sausalito Marin City School District. “A key part of our strategy to successfully desegregate the District is our Culturally Responsive Educator Equity Development Teacher of Color pipeline program. This partnership with Catalyst will allow us to attract and retain high quality teachers of all backgrounds, and especially teachers of color and bilingual teachers, to our community. It’s untenable for teachers to spend so much of their income on rent and so much of their time commuting from lower cost regions. Many of our staff spend up to two hours a day in the car to serve the students and families of our community. This partnership will keep SMCSD employees out of their cars and placing them directly within their community, two key factors for a climate & social justice focused school district.”

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OPA-LOCKA, FL – The Millennia Companies has closed on $52 million in financing for the substantial rehabilitation of 175 units of affordable housing for families at Cordoba Courts Apartments in Opa-locka, Florida.
With construction costs totaling more than $20 million, the rehabilitation includes an extensive renovation of the apartment development, which is comprised of eight residential buildings, community spaces, and a swimming pool.
Having undergone approximately $2 million in capital improvements since Millennia s acquisition in 2016, the property needs considerable rehabilitation and redevelopment to improve its aesthetics and functionality. The construction project addresses necessary repairs and replacements and will extend the physical life of the apartment development into the foreseeable future, thereby preserving affordable housing.
The rehabilitation includes new kitchens, bathrooms, flooring, painting, finishes, windows, HVAC systems and building roofs; re-done exteriors; a new laundry room; and additions to the community center, which will include an exercise facility, a computer room, and outdoor space. Additionally, the plot also calls for enhancements to security features and landscaping. Inside the apartments, crews will install energy-efficient appliances and use eco-friendly materials for countertops and cabinets. In all, the scope of work entails over $115,000 in renovation costs per apartment, financed through the 4% Low-Income Housing Tax Credit (LIHTC) program.
“Affordable housing is critical, and the supply is diminishing while the need is increasing, said Frank T. Sinito, Founder and Chief Executive Officer, Millennia. Rehabilitating apartment developments that have experienced decline over time is essential, and we are proud of our mission to not only provide residents with a quality home, but also a community enriched with services.”
In fact, according to the National Low Income Housing Coalition, there is a national shortage of more than seven million affordable homes for the nation’s 11 million plus extremely low-income families. Since 2004, Millennia Housing Development, Ltd. has preserved more than 11,500 units of affordable housing in collaboration with housing and finance partners.
Red Stone is proud to be Millennia’s financial partner in their preservation of this community. We look forward to the upcoming substantial renovation plotted for the benefit of the tenants and cannot wait to see the final result, said Brian Renzi, Managing Director, Red Stone Tax Exempt Funding.
Millennia anticipates that construction will start in the coming weeks and take 20 months to complete. The relocation plot involves the renovation of vacant units first and the onsite relocation of households as construction is completed in phases. Residents pay 30 percent of their income toward rent, and rent will remain affordable for years to come as it is subsidized for at least 20 years by a federal Project-Based Section 8 contract administered by the United States Department of Housing and Urban Development (HUD).

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SALT LAKE CITY, UT – Wood Partners, a national leader in multifamily real estate development, announced the groundbreaking of its newest luxury residential community, currently named Alta Gateway II, located in Salt Lake City, Utah. Construction is currently underway, and the community is scheduled to officially open in 2023.
Once complete, Alta Gateway II will offer 288 apartment homes complete with one-, two- and three-bedroom floor plans. The units will feature warm industrial accents and high-end finishes including stainless steel appliances with optional wine fridge, front-load washer and dryer sets, and full tile bathtub surrounds.
Alta Gateway II will also offer residents a wide range of market-leading amenities to delight in including multiple indoor/outdoor spaces, a club room, a resort-style pool and lounge area, an outdoor fireplace and outdoor kitchen area within the property’s lush landscaping.
“We are thrilled to be breaking ground on Wood Partner’s newest property in Utah, Alta Gateway II,” said Marcus Robinson, Director of Development for Utah at Wood Partners. “As the area continues to grow and prosper, we are very much looking forward to adding Alta Gateway II as our second community in the area to provide top-quality living options for residents converging on this fantastic neighborhood.”
Located on West 100 South, the forthcoming property will offer residents simple access to Salt Lake City’s growing list of local shops, restaurants, and nightlife options. In addition, Alta Gateway II is situated just a small walk from Vivint Arena for those looking to take in a Utah Jazz game, or one of the numerous concerts and entertainment events that stop at the arena.
“Alta Gateway II will be conveniently located off the I-15 Freeway, enabling residents to easily make their way downtown to The Gateway for shopping, dining, and entertainment, or head to nearby ski resorts and major parks to spend quality time outdoors,” added Robinson. “We are working toward starting leasing for the property in the spring of 2023 and officially welcoming residents later that summer.”

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