Sacramento, Calif.-based St. Anton Partners, LLC, is on the move.
The owner, developer, and manager of affordable and marketrate housing has expanded out of its Northern California base with the opening of an office in Southern California last year.
“We need to broaden our footprint as a prudent measure to diversify our geographic risk," says Steve Eggert, co-managing partner. “We absolutely need to go to Southern California because that's where the people are."
St. Anton owns about 5,500 units, and Eggert says the firm wants to have 10,000 units by 2015, with 3,000 of those units in Southern California.
Eggert and Peter Geremia, co-managing partner, are making headway on the firm's goal. Sean Rawson has been hired as the Southern California project manager in Orange County, and, at press time, two projects were under contract.
Also of note, the firm has started a $57 million construction project in San Ramon in Contra Costa County.
The 293-unit mixed-income Highlands Point Apartments is one of the largest California projects to be funded through the New Issue Bond Program. It is being financed with a $48.6 million loan from Citibank and private equity through St. Anton.
The project is scheduled to be completed in mid-2012.