Eah Property Management
Eah Property Management – As one of the most competitive and expensive housing markets in the country, maintaining an affordable housing stock in the San Francisco Bay Area does not come without challenges. For those in the affordable housing game, partnerships are key to maintaining such housing stock for the long term. Recently, Dwell San Jose, a real estate investment company, teamed up with EAH Housing, a non-profit affordable housing organization, to hold its assets. The couple of companies hope that together, the provision and improvement of the region’s affordable housing stock will be more viable.
“EAH Housing was the clear choice to manage our portfolio,” Dwell San Jose Managing Partner Michelle Morgan said in a statement. “It was very important for us to work with a local organization. EAH understands the needs of affordable housing residents in the Bay Area and has the experience and expertise to help us oversee the improvements we have planned for the next five years.”
Eah Property Management
For EAH Housing and Dwell San Jose, a similar mission to operate almost exclusively within the affordable housing sector, as well as a commitment to the longevity of the product type, were essential in bringing the two organizations together. According to Josh Romoff, director of new business for real estate management at EAH Housing, EAH Housing’s 53 years of consistent focus on the affordable housing sector has remained critical to success.
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“EAH is a non-profit company, so we don’t have an exit strategy,” Romoff emphasized. “We are not for sale; we are not passed on to relatives; we are not going public. We want to be around forever to provide quality affordable housing. And that’s what we do.”
Dwell San Jose currently has three properties in Silicon Valley. The first is Casa Real, a multifamily community with 180 units, ranging in size from one to three bedrooms. The second is Charter Court, a 94-unit apartment complex with one and two bedroom residences, and the third is Villa Monterey, which has 120 apartments that are also a mix of one, two and three bedrooms. Together, they host around 1,200 residents.
The EAH will be in charge of property management services, as well as resident services. In addition to one staff member fully dedicated to facilitating healthy living activities, food access and wellness workshops, EAH is working to provide a whole host of additional services as well. EAH Housing’s other programmatic offerings also cover mental health services, education and civic engagement, in an effort to build community.
“[We want to] really make tenants feel like they’re part of a neighborhood,” Romoff said. “It is the biggest challenge to reduce the gap between a home owner and someone who invests in the long term where they live, and a person who lives in an apartment, the person who may need to leave if it becomes too expensive or the -the neighborhood changes… How do we get [tenants] to think like long-term neighbors?”
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Over the past 20 years, the housing market in the Bay Area has grown exponentially, and demand has consistently outstripped supply. As big tech continues to catalyze job growth, landlords, developers and housing experts continue to chase demand, which is putting upward pressure on mortgage rates. rental Such trends have held particularly true in San Jose. While the coronavirus pandemic has impacted rents, causing a 14.2 percent drop in average effective rent in San Jose, the price per unit still came in at $2,480 per month, according to data from brokerage firm Marcus & Millichap.
“The Dot Com boom really perpetuated [the affordable housing crisis], really, like no other place in the country,” Romoff said. “So affordable housing is tough, but no more so than in the Bay Area. We really live it.”
Typically, Dwell San Jose communities cater to those between 50 to 60 percent of the Area Median Income (AMI). In San Jose, a single person between 50 and 60 percent AMI earns anywhere from $55,300 a year to $66,360 a year, according to 2020 data from the City of San Jose. A two-person household in the same range earns between $63,200 and $75,840 per year, while a family of three earns between $71,100 and $85,320 per year.
Across Santa Clara County, where San Jose is located, the Area Median Income as of April 30, 2020, was $141,600 per year.
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For those living in Dwell San Jose’s Casa Real, rents can range from $1,439 to $2,391 per month. At Charter Court and Villa Monterey, rents range from $1,439 to $2,076 per month and $1,439 to $2,391 per month, respectively.
As EAH Housing and Dwell San Jose, as well as others, continue to navigate the affordable housing sector, a number of strategies are used to ensure that affordable units remain affordable. Because building new units in the Bay Area is so expensive—with estimates around the $700,000 dollar mark in Santa Clara County—it’s often easier for operators to acquire existing assets and keep affordability rather than building new. Romoff noted that EAH Housing has an in-house attorney, as well as other services, to make this process easier, and that existing assets can be transformed almost immediately.
However, the most important, explained Romoff, is the presence of strong partnerships. When multiple parties pool resources, addressing the affordability crisis becomes more feasible.
“It’s really about finding those partnerships,” Romoff said. “…The general concept of affordable housing and how to grow affordable housing seems a little counterintuitive when you want to incentivize people to invest… What we need to do is make it a win-win, so that the owners can keep the -their asset and be very proud. of their assets and still get fair and just rents.”
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SAN FRANCISCO – JLL Capital Markets announced today that it has closed on the $90.5 million sale of Green Valley Corporate Park, three newly completed, … Since 1968, our real estate management team has provided services comprehensive management for family, workforce, older adults, veterans, and student housing apartment communities. With over 8,900 apartments and over 100 properties in the EAH Homes portfolio, we pride ourselves on our reputation as consummate problem solvers. In addition to managing our own properties, EAH proudly manages numerous properties for private companies, government entities, nonprofits and other organizations. EAH Housing has received numerous national awards and numerous commendations for exemplary property management from community leaders and legislators at the federal, state and local levels. Most importantly, our 25,000 residents respect us for our commitment to excellence and integrity.
EAH Housing is dedicated to improving the quality of life for all residents in the communities and surrounding neighborhoods we serve. This philosophy goes far beyond conventional property management by providing new resources and new and effective approaches to the complex challenges we face as property managers. We look beyond the mere preservation of physical assets and are motivated by an authentic concern for all—creating safe communities where residents thrive on multiple levels.
The EAH Housing Real Estate Management Team is well versed in Tax Credit programs and HUD (US Department of Housing and Urban Development) compliance for the housing types and the populations we serve.
Real Estate Management Expertise
EAH Housing currently provides a wide range of real estate management services across a diverse portfolio in California and Hawai’i. Our comprehensive “hands on” approach to services includes:
We offer full service, cost-effective real estate management to meet the needs of every property owner. Our industry-leading technical resources and extensive in-house corporate support, such as ongoing staff training, human resources assistance, and a vast network of vendor relationships, ensure that each property achieves the highest performance.
At EAH Housing, we believe that our staff of highly skilled professionals is the key to providing exceptional value and excellent service. This includes ongoing training along with a strong compliance team that provides consistent oversight of each property.
The EAH Housing Compliance Department provides compliance monitoring and training to all EAH staff, both on-site and off-site, who are responsible for maintaining compliance, verifying -receipt and certification functions, monthly HUD payment voucher duties and all monthly and annual reporting for EAH properties.
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EAH Housing has been managing HUD assisted affordable housing communities since 1982 – over 30 years. Our proactive collaborative relationship with HUD includes the following programs:
The Compliance Department also serves as a resource for Property Supervisors, Development staff and Property Managers. The Department consists of the Compliance Director and various Compliance Specialists. We meet with HUD to share ideas and formulate Best Practices to promote open dialogue with each HUD Project Manager. As a result of these efforts, HUD often refers EAH to owners who are experiencing difficulties with their HUD properties and need expert advice.
Typically our properties have a management staff team that includes on-site and off-site staff. The Resident Manager and on-site Maintenance staff are supervised by Property Supervisors who specialize in different regions. Supervisors provide support to field staff as needed. We also have a Compliance Specialist assigned to each property who assists on-site staff with the tenant
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