Meyer Orbach and Orbach
Affordable Housing Solutions have invested $29.8 million into the transformation of Playa
Del Alameda, an affordable housing complex in Alameda, California.
ENGLEWOOD CLIFFS, N.J., Sept. 10,
2024 /PRNewswire-PRWeb/ -- Meyer Orbach, chairman of Orbach Affordable
Housing Solutions, is excited to announce the transformation of
Playa Del Alameda, an affordable housing complex located in
Alameda, California. The
$29.8 million project will preserve
much-needed affordable housing units in the region, while also
providing low-income families with upgraded and energy-efficient
living spaces. This project aligns with the ongoing commitment made
by Orbach to extend affordability beyond just the basic
requirements of the project.
All 40 units in Playa Del Alameda will be receiving new kitchen
and bathroom cabinets, as well as new quartz countertops and new
vinyl plank flooring. The rehab will also include several
energy-efficient features, both in the individual units and
throughout the property, including new Energy Star refrigerators,
new gas ranges, new vinyl windows, new water heaters and HVAC
systems, programmable thermostats, and LED lighting.
The Orbach team recognizes that energy-efficient features such
as these are essential for affordable housing units. Not only are
they sustainable and better for the environment, but they also help
to lower the costs of utilities for the tenants who live there.
Additionally, four of the units in the Playa Del Alameda complex
will be converted to become ADA accessible, and will provide
ADA-compliant cabinets, countertops, clearances, hardware,
shelving, and more.
Mr. Orbach and Orbach Affordable Housing Solutions are dedicated
to supporting low-income families by offering quality, affordable
housing, especially in regions such as Alameda that are typically unaffordable for
low-income tenants. According to the U.S. Census Bureau, the median
household income in Alameda in
2022 was $129,917.
Still, Census data shows that 19% of the city's 76,000 residents
are considered low-income. As the data shows, it is essential that
affordable housing units are available in regions such as
Alameda.
Moreover, renovations and upgrades to affordable housing
projects such as Playa Del Alameda bring additional stability and
consistency to the residents, by providing them with a safe and
dependable place they are happy to call home.
In addition to the $29.8 million
rehabilitation of Playa Del Alameda, Orbach and his team also
invested $53.5 million in the
rehabilitation of Ocean View Gardens, an affordable housing complex
about ten miles north of Playa del Alameda in the city of Berkeley.
About Orbach Affordable Housing Solutions
Orbach Affordable Housing Solutions, led by Mr. Orbach, owns and
manages over 8,000 multifamily units nationwide. They focus on
preserving and enhancing affordable housing through significant
investments and renovations, providing upgraded, energy-efficient
living spaces for the residents. Recent projects in Berkeley and Alameda, California, among others, reflect
their commitment to supporting low-income tenants by offering
quality, affordable housing and improving residents' quality of
life.
About Meyer Orbach
Meyer Orbach is the chairman of
Orbach Affordable Housing Solutions and The Orbach Group, a
comprehensive real estate organization specializing in Class-A
properties and affordable housing. Under his leadership, the
company has acquired and managed over 130 buildings in New York City and more than 50 affordable
properties nationwide. He is also the co-founder of GO Partners,
which owns iconic Manhattan towers
like The Copper Buildings and One East
River Place.
Media Contact
Jessica Brown, Orbach Affordable
Housing Solutions, 303 800 6186, info@mercurynewsmedia.com,
https://www.mercurynewsmedia.com/
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SOURCE Orbach Affordable Housing Solutions