Salinas Pointe Apartments, Salinas, CA

Taking on a challenge.

This was one of the most challenging properties KDF has acquired in terms of the physical renovation.  It was in very poor condition and had been cited by the city for a collapsed staircase and crumbling decks.  Further, the property was very over crowded.  Occupancy standards appeared to be ignored.  When a property is left in such disrepair, there is often a tacit agreement to ignore overcrowding as long as the tenants didn’t complain about repair issues.  A property like this can spiral out of control.  When it is eventually sold the economics are such that the buyer might very likely keep it as a slum project—money spent on rehab doesn’t result in higher rents, but overcrowding does.

Major Transformation

Using bond financing, tax credits, and a $1.8 million loan from the Salinas Redevelopment Agency, KDF acquired the property and began a year-long renovation. Code violations were corrected and the units were renovated with new operating systems and all new interior cosmetics. An adherence to local and state occupancy standards was implemented. The result was the property was restored to a condition the residents and the city can be proud of.

References: Jorge Rifa, Assistant City Manager, 831-758-7201; Alan Stumpf, Director of Community Development,
831-758-7387