San Mateo County announces major affordable housing conversion with Hillsdale Garden Apartments project
San Mateo County, California – The Vistria Group and Ethos Real Estate established a joint venture aiming at changing the affordable housing scene to turn about 700 market-rate units into long-term affordable housing in San Mateo County. Under means this project, the market-rate housing units at Hillsdale Garden Apartments will undergo a significant conversion into affordable accommodation, therefore redefining the benchmark for affordable living in one of the richest areas in the United States.
Reflecting a growing dedication to solve housing shortages and support working families, the partnership marks one of California’s biggest market-rate to affordable housing conversions. The conversion is expected to provide much-needed relief to one of the most expensive real estate markets in the country, where middle-class and low-income citizens frequently encounter great financial strain from house prices, rental rates, and living expenditures.
Conveniently located with access to public transit, retail centers, healthcare facilities, high-performance schools, and parks, the Hillsdale Garden Apartments will present families with an opportunity to live and prosper in a sustainable neighborhood. Targeting households earning up to 80% of the Area Median Income (AMI), the newly affordable flats will enable families and individuals in San Mateo County to locate a stable and affordable home free from forced relocation from their neighborhoods.
San Mateo County Supervisor Noelia Corzo praised the initiative, emphasizing its significance for working-class families under continuous pressure from growing rents and slow pay increase.
“Our working-class neighbors deserve a stable home, dignified conditions, and responsive management,” Corzo stated in a release. “This project is an excellent example of how revitalizing existing homes and preserving their affordability can allow residents to stay in their communities with dignity.”
Vistria and Ethos want to reduce displacement by customizing market-rate properties to fit the demands of high-cost locations.
This concept is an innovative method to solve America’s housing problem, not just a real estate deal. Renowned for their knowledge of ethical investing and community-oriented solutions, the Vistria Group and Ethos Real Estate want to establish a scalable, replicable platform for turning current house stock into affordable units. Through governmental and non-profit organization partnerships and private resource mobilization, they are creating an innovative approach that might have national impact.
“This investment isn’t just about real estate; it’s about how private investment, local government and non-profits can partner to create scalable and efficient models for addressing the housing crisis across the country,” said Margaret Anadu, Senior Partner and Head of Real Estate at The Vistria Group. “Everyone deserves an affordable home, and we take particular pride in creating that opportunity in communities with strong public schools and diverse job opportunities.”
Under the direction of two powerful Black women in real estate, Margaret Anadu of The Vistria Group and Jennifer Keith of Ethos Real Estate, this alliance represents a major first towards more diversity and industry leadership. Their work captures the increasing importance of varied leadership in addressing difficult social issues including housing equity and affordability.
Jennifer Keith, Managing Partner and Co-Founder at Ethos Real Estate, emphasized the broader impact, “We are honored to be partnered with Vistria on preserving affordable housing at community scale. Our collective efforts will reduce displacement, improve existing housing conditions, and provide a range of social services for the residents of Hillsdale Gardens.”
The conversion goes beyond affordability—it is designed to uplift the quality of life for residents. Significant internal and external improvements at Hillsdale Garden Apartments will improve the living conditions generally. Moreover, the initiative includes comprehensive resident services in cooperation with Pacific Housing, a company committed to offer low- and moderate-income families assistance services. These services will range from skill-building seminars to after-school programs, therefore improving the future possibilities and well-being of the residents.
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Apart from this conversion project, The Vistria Group has made significant investments in affordable homes throughout California and the United States, building a real estate portfolio with gross asset worth of more than $1.8 billion. Partner for Real Estate at The Vistria Group, Yusef Freeman highlighted the company’s dedication to building and preserving affordable homes in highly sought-after neighborhoods.
“The Hillsdale Garden acquisition continues our commitment to the long-term creation of affordable housing at scale throughout California and within its most expensive communities,” Freeman noted.
The Hillsdale Garden Apartments project is an interesting model for other high-cost neighborhoods experiencing housing shortages. The Vistria Group and Ethos Real Estate have created a sustainable solution addressing both urgent needs and long-term objectives for affordable housing by leveraging private investment, government backing, and non-profit collaborations.
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San Mateo County can look forward a time when families have more security and a revitalized feeling of community with about 700 new affordable homes scheduled to open in the near future. Along with redefining California’s affordable housing standard, the Vistria Group and Ethos Real Estate have developed a replicable model to assist one city at a time in addressing the national housing issue.