Sean Spear Of Community HousingWorks Acquires Development Site In Oakland For $10.2M

Community HousingWorks has acquired three parcels located at 1523 Harrison Street in Oakland for a total price of $10.2 million. The site is designated as a development site, and the planned project includes the construction of an 11-story building with 284 residential units. The estimated total cost for this affordable housing project is $86.1 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $10,200,000
• Buyer: Sean Spear - Community HousingWorks
• Lender: California Municipal Finance Authority
• Units Reserved for Affordable Housing: 281
• Area Median Income Range for Households: 30% to 70%
• Financed Amount from Lender: $39,600,000

Sean Spear represents Community HousingWorks in this transaction, focusing on developing the site for affordable housing purposes. The involvement of the California Municipal Finance Authority provides financial backing necessary for the project to serve low-income households.