Boston-based WinnCompanies announced this week that WinnResidential has won a contract to manage 48 California properties totaling 4,420 apartments. The units are owned by Gardena, Calif.–based Highridge Costa Investors (HCI).
Winn, which manages a national portfolio of more than 98,000 units at 570 properties, manages six properties for HCI in Arizona.
The management takeover of the California properties was completed in three phases over a period of six months. The assets are located in and around Los Angeles, Bakersfield, Fresno, Merced, San Jose, San Francisco, and Sacramento.
“We’re pleased to expand our partnership with the world-class owner at HCI and to have completed the ambitious transition of a portfolio that stretches across almost 400 miles,” said Deirdre Kuring, president of WinnResidential, in a press release. “Our goal is to exceed expectations for adding value to these properties and improving the quality of life for our residents.”
The HCI assets now being managed by WinnResidential in California are income-restricted 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.
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 utilizing low-income housing tax credits, as well as other types of public and private financing.
In California, WinnResidential manages 91 residential properties, totaling 9,100 apartments, in every category from market-rate units to public housing. In addition, WinnResidential Military Housing Services manages 613 units of privatized military housing at Los Angeles Air Force Base in San Pedro as part of a joint venture with Lendlease.