Hybridge Capital Management is transforming an underperforming student housing property in Oakland into a community of affordable housing units. This project, known as The Refuge Apartments, is located at 4400 Martin Luther King Jr. Way and will consist of 144 newly built units for veterans, domestic violence survivors, and individuals with extremely low incomes.
According to Hybridge, the construction of The Refuge is progressing quickly compared to traditional affordable housing projects. Currently at 80% completion, the remaining work includes finalizing the conversion process into affordable units. It is estimated that this will be completed within eight to ten months and that a certificate of occupancy will be obtained within twelve months.
To ensure successful leasing and management of the project, Hybridge has partnered with Five Keys – a local nonprofit service provider who specializes in these areas. Additionally, Hybridge plans on master leasing the property to another nonprofit organization.
