New Jersey Real Estate Mogul, Meyer Orbach, is continuing his focus on affordable housing. Orbach is adding another multi-family property enabled for subsidized housing to the company’s roster; the Verdes del Oriente (Verdes) is a 113-unit subsidized garden apartment complex, the total development cost of which was approximately $56 million while the total construction cost was approximately $9 million.
Verdes del Oriente is a beautiful mix of one, two, three, and four bedroom units featuring air conditioning, patios and walk-in closets (in select units), as well as access to a clubhouse, computer center, playground, and laundry facilities. The building is desirably positioned within two blocks of the harbor, USS Iowa, San Pedro Farmer’s Market, and Harbor Division Police offices. "Orbach Affordable Housing Solutions is proud to continue expanding its portfolio and to bring its expertise and quality management to our properties across the country to ensure all our tenants have a safe, comfortable place to live," said Jay Reinhard, President of Orbach Affordable Housing Solutions.
Illustrated by this significant investment in the San Pedro neighborhood of Los Angeles, Orbach plans to increase investment in affordable housing in California specifically. While the Verdes is indicative of his intent to increase investment in affordable housing preservation in California, it is not his first investment in Californian properties enabled for subsidized housing.
In 2018 Orbach invested in Fairwood Apartments located in the Fair Oaks neighborhood of Carmichael, which is less than 10 miles away from Sacramento. Originally developed in 1981, Fairwood is located in an up and coming neighborhood and boasts a mixture of one-, two- and three-bedroom units . The project included a new 20-year HUD rental assistance contract meaning none of the households would have to pay more than 30% of their income towards rent; the bonds were issued through the California Housing Finance Agency (CALHFA) for affordable housing to Orbach Affordable Housing Solutions, LLC.
This deal not only preserved Fairwood Apartments as an affordable housing asset for the long term, it is also another example of Orbach’s commitment to affordable housing preservation in California. With Verdes del Oriente, Orbach Affordable Housing Solutions adds another property to its large portfolio of over 4,000 affordable units that it owns and manages. Beyond California, Orbach has investments in affordable housing in Minnesota, Pennsylvania, NJ, and NY. With the onset of the COVID-19 Pandemic, Meyer feels as though affordable housing solutions are more necessary than ever. This is why Orbach plans to increase investment in affordable housing preservation in California. Stay tuned for more from Orbach at www.orbachhousing.com