Affordable Home Builder Sells Minority Stake
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The Olson Co., a privately held builder of affordable housing, has sold a minority stake to three investors for an undisclosed price.
The joint stock purchase was made recently by Allstate Insurance Co. of Illinois, Wells Fargo Bank of Minnesota and the California Public Employees’ Retirement System pension fund (CalPers).
Bolstered by the cash infusion, the Seal Beach home builder said it will expand its senior housing construction and build homes near transit lines in densely populated areas.
Affordable housing has been a growing concern in places like Orange County, where the burgeoning economy has produced far more jobs than housing. With buyers vastly outnumbering homes available, prices have risen to record highs. More people have been forced to live in overcrowded conditions or move to neighboring counties, where prices are lower. That, in turn, has created conditions for more urban sprawl, traffic congestion and smog.
Over the past dozen years, Olson has been building houses in California’s major metropolitan areas. In Orange County, Olson has built new homes in Brea, Anaheim and Huntington Beach.
Overall, the company has 41 projects planned or under construction statewide. The projects are valued at more than $800 million and are expected to be completed over the next three years. Eight projects in Orange County are expected to open this year.
Daryl Strickland covers real estate for The Times. He can be reached at (714) 966-5670, and at [email protected].
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