WinnResidential has significantly expanded its West Coast property management operations with the additional of 4,420 units in California.
The move comes as the firm takes over management of 48 properties on behalf of Highridge Costa Investors.
To ensure a smooth transition for residential operations, the management takeover was completed in three phases over a period of six months, absorbing properties in and around Bakersfield, Fresno, Los Angeles, Merced, Sacramento, San Francisco, and San Jose.
The HCI assets now managed by WinnResidential are income-restricted, low-income housing tax credit (LIHTC) communities. More than 100 people were hired to cover the 48 sites, including two new senior property managers and additional human resources, financial, and compliance staff, and regional maintenance supervisors, announced officials.
Based in Gardena, Calif., Highridge Costa Housing Partners and Highridge Costa Investors specialize in the development, financing, construction, and asset management of affordable and mixed-income housing for families and seniors. The properties utilize LIHTCs as well as other types of public and private financing.
HCI ranks 48th on the National Multi Housing Council’s list of the nation’s largest apartment owners and managers. The company is also No. 11 on Affordable Housing Finance magazine’s list of affordable housing owners.
WinnResidential, which manages a national portfolio of more than 98,000 units at 570 properties, reported winning the right to manage the California portfolio after two years of successfully managing six HCI properties in Arizona.
In California, WinnResidential manages 91 residential properties in totaling 9,100 apartments in every category, from market-rate units to public housing. The firm is part of the WinnCos.