A light of affordability
Apartments have become one of the preferred property types by investors looking to build their personal wealth. On the South Coast, inventory is extremely tight and competition fierce when a new offering comes on the market.
However, a small nonprofit recently purchased its second apartment complex in Santa Barbara’s west side in an effort to expand affordable apartment housing in a market that can be incredibly trying for low-income families.
The Turner Foundation, led by husband and wife team Dr. Jon and Patty Wilson and their sons Todd and Dean, has been quietly going about its mission transforming one of Santa Barbara’s toughest neighborhoods by providing safe, quality housing to low-income, undeserved families.
The foundation recently purchased the 45-unit San Pascual Apartments located at 1502 San Pascual St. and plan to turn the property into The Lighthouse, an affordable housing complex.
Low-income housing is not a new concept in Santa Barbara. But according to Patty Wilson, Turner Foundation founder and director, a safe neighborhood and family environment is vital. Affordable housing is part of providing “a place to thrive, not just survive,” she said in a release.
The complex will be transformed with improvements to the living spaces and eventually new playground with an on-site community center.
Free services will be offered to resident families and children including music and dance classes, professional counseling and after-school tutoring programs.
Some Section 8 designations will also be available. The property is in the same west-side neighborhood as the Turner Foundation’s first affordable development on the South Coast called The Village at Santa Barbara.
The Lighthouse will expand on the work the started in 2005 when the foundation purchased the former 70-unit Casa Perdido Apartments.
The foundation has partnered with Montecito Bank & Trust and the Towbes Group on the deal.
N3 Real Estate, a real estate company specializing in retail properties across the country, put together an expert roundup regarding the …
Customers at Institution Ale enjoy beer and food along State Street. | Credit: Daniel Dreifuss (file) This time …
Radius Commercial Real Estate gave up trying to predict where the market was going to go next when it released its …