Project

Bridgecreek Apartments

Novato, CA, 1985

A 20-unit apartment building including four affordable apartments targeted at housing low-income families.

This is one of two Northbay Family Homes apartment complexes assisted by Northbay Family Homes and built in 1985. Twenty percent of the homes in this 20-unit building (four apartments) are affordable and targeted at housing low-income families.

This project stalled because the economics of its construction didn't meet the requirements of the builder. Northbay Family Homes realized that increasing the project's size would increase the return on investment to an acceptable level, and so advised the builder to acquire an adjacent parcel of land and increase the project's size.

Once the apartments were built, Northbay Family Homes assisted the developer with obtaining renters for the four affordable units.

Our involvement in Bridgecreek Apartments included the following services from our Seven Points of Entry in real estate development:

Site Control (acquiring control over land and assessing its best use based upon community wants and needs)
Occupancy Activities (getting buyers into ownership units)