PITTSBURG — A big East Bay apartment complex has been bought by a real estate investment firm in a deal that could help the residential property remain affordable for people with low or modest incomes.
Lido Square Apartments in Pittsburg has been bought for $90 million, according to documents filed on Dec. 12 with the Contra Costa County Recorder’s Office.
The 173-unit apartment complex is at 2131 Crestview Lane in Pittsburg, according to county and state agency public documents.
San Francisco-based Reliant Group Management, acting through an affiliate, purchased the Lido Square Apartments property, the county records show. The apartment complex was built in 1970.
The Lido Square residential hub was deemed to be “at risk” of no longer being affordable without intervention from state agencies, a state staff report shows.
The “at-risk project” was “recommended for a reservation of tax credits that will preserve affordability for an additional 55 years,” according to the state report.
That assessment was prepared for an April 2025 meeting of the California Debt Limit Allocation Committee and California Tax Credit Allocation Committee, state government records show.
The tax credit allocation group and other state agencies have provided funding or favorable tax vehicles for other residential affordable projects in the state.
Lupina, a 99-unit apartment project that is being developed at 797 S. Almaden Ave. in San Jose, is an example of an affordable housing endeavor that was bolstered by an array of state-backed financing vehicles.
The Lido Square apartments are expected to remain affordable for 55 years as a result of tax credits and other financing vehicles, the state staff report said.
The 173 units in the Pittsburg residential complex consist of 171 affordable units and two manager’s units.
“The project has 88 two-bedroom units and 85 three-bedroom units, serving tenants with rents affordable to households earning 30% to 80% of the area median income,” the California agency staff report stated.
The annual area median income for Contra Costa County in 2025 is an estimated $159,800 for a household of four people and $111,850 for one person, according to estimates from the state Housing and Community Development Department.
This means the income limits for the affordable units in Lido Square would range from $33,474 to $89,264 for one person. A four-person household would be subject to income limits ranging from $47,940 to $127,840.
The state reports indicated that the new owner intends to rehabilitate and revamp the apartments at Lido Square.
The total budget for the project to keep Lido Square affordable is $149.1 million, the details for the California Debt Limit Allocation Committee show.
This overall budget includes the $90 million purchase price, $23.1 million in renovation and rehabilitation costs, and a developer fee of $17.4 million.
At the time of the purchase, the buyers obtained $11 million in financing from the California Housing Finance Agency, the county records show.
Two individuals, James Busby and Irwin Deutscher, sold the Lido Square complex to Reliant, the county documents show.
Reliant Group Management has wide-ranging expertise in buying, developing and upgrading apartment properties, according to the company’s website.
“Our investment and management professionals focus on developing and acquiring low-income housing tax credit communities, tax-exempt housing bonds, new construction multifamily properties, and acquisition or rehabilitation projects,” Reliant states on its site.