Westpac provides affordable housing

Wespac Management Group Inc. has purchased the Shadows Apartment complex in Thousand Oaks with plans to convert the 148unit project into affordable housing.

The $36.4 million acquisition will provide homes for the community's local workforce in the midst of Southern California's pricey real estate market.

"Many of the local residents spend upwards of 50 percent of their income on rent," said Michael Ortiz, president of Wespac. "Under this new program, a two-bedroom apartment, which typically rents for more than $1,600, will now rent for about $850."

Founded in 1993, Wespac Management Group Inc. is a full-service commercial and residential real estate management and investment firm serving Los Angeles, Ventura and Santa Barbara counties.

Wespac and Area Housing, their nonprofit partner, saw the Shadows Apartment complex as an opportunity to not only increase the city's affordable housing inventory, but also provide an upscale living experience to low-income residents.

"These new units are a cut above your typical affordable housing project," said Ortiz. "There are upgrades and amenities similar to custom homes."

Wespac has recognized the need for more creative affordable housing throughout Southern California, looking to partner with likeminded cities interested in the same opportunity.

For more information or to schedule an interview, call Wespac at (818) 264-1330.