RICHMOND — An alliance of California real estate firms has bought a huge apartment complex in the East Bay in a deal that tops $200 million for the residential hub that includes some income-restricted units.
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Bella Vista at Hilltop, an apartment complex in Richmond with more than 1,000 units, has been bought for $225 million, according to documents filed on July 7 with the Contra Costa County Recorder’s Office.
The residential hub consists of 1,008 apartments in a series of three-story buildings, according to the Apartments.com website.
Some Bella Vista units are affordable and are available on an income-restricted basis. Some units in the apartment complex are offered at market-rate rents.
It wasn’t immediately clear what level of income restrictions are in place for the property or how many units have income limits.
Prior to the purchase, the principal owner of the apartment complex was an affiliate controlled by Kennedy Wilson, a Los Angeles-based real estate company, according to county and state public records.
The transaction creates a new ownership group that now includes an affordable housing company.
An affiliate controlled by Kennedy Wilson and Sacramento-based nonprofit Pacific Housing now owns Bella Vista. Pacific Housing develops, owns and manages affordable residential properties.
Bella Vista offers an array of amenities, according to the property’s website.
“Four resort-style swimming pools, lighted tennis courts, and a state-of-the-art fitness center” are among Bella Vista at Hilltop’s amenities, the property’s website states.
