USA PROPERTIES FUND’S MAYFAIR COMMUNITY PROVIDES AFFORDABLE HOUSING IN SAN JOSE
SAN JOSE – A new affordable community for families will offer much-needed housing and numerous features often only found in more expensive rental housing in Silicon Valley, including a community room, computer learning center, fitness area and underground parking.
USA Properties Fund Inc. will debut Mayfair – a 93-unit apartment community at 65 McCreery Avenue in San Jose – on March 6. USA Properties Fund partnered with The Central Valley Coalition for Affordable Housing and The Pacific Companies on the $39 million project.
Chase Community Development Banking provided $22 million in construction lending, and $5.2 million in permanent funding. The bank is helping sponsor the grand opening.
The 1.44-acre in-fill project is close to freeways, shopping centers, schools and public transportation.
“The completion of the Mayfair community will revamp and continue the forward progression of a thriving community,” said San Jose City Councilman Xavier Campos, whose district includes Mayfair. “The residents of Mayfair have long awaited an affordable housing development. Affordable housing was missing in Mayfair and I am proud to fill the void with a high-quality product. This is a perfect example of smart growth using existing infrastructure. With the completion of this project, we will see an influx in the utilization of the surrounding shopping centers as well as the use of public transportation.”
Mayfair features two-bedroom/two-bath and three-bedroom/two-bath apartments for families who earn 50 percent or less of the median income in Santa Clara County. For example, a family of four could earn up $50,650 per year.
Rents range from $663 to $1,129 for a two-bedroom apartment and $763 to $1,301 for a three-bedroom unit. The monthly rent range depends on a family’s annual income.
“We are extremely proud of this project,” said USA Properties President Geoff Brown. “It’s taken a lot of hard work from the city, our partner, contractors and vendors. But it’s been well worth the effort. We have built a first-rate, high-quality community that will help many families and the community.”
The four-story building is above the underground parking, which allows more space for housing units. The project, complete with Spanish tile roofing and stucco, includes wood and wrought iron accents.
A 2,765-square-foot community room includes kitchen facilities, computer learning center and a fitness area.
Mayfair has a central laundry facility, a mail room and storage facilities on each floor.
The community features 56 two-bedroom apartments and 37 three-bedroom units, including five handicap accessible units. The 950- to 1,054-square-foot apartments include free Internet access, refrigerators, exhaust fans, dishwashers, disposals and microwaves. Each apartment will have either a balcony or patio that overlooks courtyards or landscaped streetscapes.
“The commitment and the collaboration the City of San Jose had with USA Properties Fund, The Central Valley Coalition for Affordable Housing and The Pacific Companies on the $23 million project should be commended,” said City Councilman Campos, who also thanked the Mayfair Neighborhood Association and the Calderon Family for their community leadership during the project. “I am proud to say that we all had a hand in a project that will benefit the Mayfair community.”
USA Properties, one of the largest affordable multifamily housing developers in the West, is actively looking for property and/or partnering opportunities with other builders on affordable multifamily housing inclusionary deals in the Bay Area.
USA PROPERTIES FUND HOLDS GRAND OPENING FOR AFFORDABLE SENIOR COMMUNITY IN SOUTH SACRAMENTO, NEAR ELK GROVE
Residents 55 years and older will save hundreds of dollars per month,
enjoy high-quality amenities at Arbor Creek Senior Apartments
SACRAMENTO – Finding affordable, clean and safe apartment communities for seniors is near-impossible in the Sacramento region.
But USA Properties Fund Inc. is making it much easier with the grand opening of Arbor Creek Senior Apartments, an affordable community that offers energy-efficient apartments with high-quality amenities – all for hundreds of dollars less per month than nearby market-rate properties.
A grand opening celebration for the community is 11:30 a.m. Thursday, June 4, at the recently completed Arbor Creek Senior Apartments, 8340 Elk-Grove Florin Road in Sacramento. The apartment community is just outside the City of Elk Grove.
Sacramento County Supervisors Patrick Kennedy and Don Nottoli, Sacramento Housing and Redevelopment Agency Executive Director La Shelle Dozier and USA Properties Fund President Geoff Brown are scheduled speakers during the event.
“This community will help meet the demand for affordable, quality and safe senior housing in south Sacramento and Elk Grove,” Mr. Brown said. “There was great interest in the project even before we started construction, indicating the incredible need in the region.”
“I’m very proud that Arbor Creek is contributing in such a great way to address the affordable housing needs of seniors in our county,” said Supervisor Kennedy. “This is truly a signature community that demonstrates our shared vision with USA Properties to create housing that not only provides a better quality of living environment for low-income seniors, but also complements the surrounding area.”
Arbor Creek Senior Apartments is close to grocery stores, drug stores, and numerous restaurants and shops. The community is also a quarter-mile from an Elk Grove transit stop, which offers service to a Sac Metro light-rail station.
“It’s encouraging to see this project completed because I know it will serve lower-income seniors in our community,” said Supervisor Don Nottoli, who previously represented the project area before district boundaries changed. “I am pleased to support housing opportunities like this, which provide a comfortable and safe living environment for our senior citizens as well as good access to many community services and amenities.”
USA Properties partnered with Riverside Charitable in the development of the 60-unit apartment community – featuring 48 one-bedroom and 12 two-bedroom units.
“Arbor Creek is an outstanding example of how public-private partnerships can work together to build vibrant, sustainable communities that will best serve our residents for many years to come,” said SHRA Executive Director La Shelle Dozier. “USA Properties is an extremely resilient and responsive developer with a great track record for providing high-quality, affordable housing in Sacramento County, and SHRA is very proud to be part of another successful project.”
Arbor Creek Senior Apartments is for seniors 55 years or older who earn 60% or less of the area median income for Sacramento County. For example, a two-person household could earn a maximum of $33,000 per year.
Rents range from $545 to $609 for the one-bedroom apartments, and $653 to $730 for the two-bedroom units. The rent range depends on a senior’s annual income. Nearby market-rate apartments cost hundreds of dollars more per month.
Arbor Creek Senior Apartments is affordable, but also features numerous high-quality amenities, including energy-efficient appliances and lighting fixtures; low-flow faucets, shower heads and toilets; gated parking and security cameras. A central courtyard, laundry facilities on the first and second floors, and trash chutes are also part of the project.
A 1,676-square-foot community center includes a computer center, fitness center and kitchen for residents. The community center will include planned activities for residents, developed and overseen by a social service coordinator who will also provide special service needs for residents, if needed.
“We take a very unique approach with our communities, which are more like neighborhoods where people get to know and help each other than simply apartment complexes,” Mr. Brown said. “We want residents to enjoy living at our communities, and we’re committed to helping them if they’re dealing with a problem, if possible.”
The apartment community also includes environmentally friendly features, including a storm-water management filtering system and water-efficient landscape and irrigation design, all critical during the drought. The building exceeds Title 24 standards by at least 17.5% with a Build-It-Green score of at least 166 points.
Arbor Creek Senior Apartments is next to Arbor Creek, a 103-unit affordable community for families that USA Properties opened in summer 2013. Both communities blend with the design of The Promenade at Arbor Creek, a mixed-use project that combines commercial development with housing.
COPPERSTONE VILLAGE OFFERS AFFORDABLE HOUSING WITH NUMEROUS AMENITIES IN
MASTER-PLANNED DEVELOPMENT IN SACRAMENTO
$19.9 million apartment community is close to new light-rail station, a community college and major shopping centers
SACRAMENTO— Copperstone Village offers affordable family housing in a walk-friendly neighborhood, close to shopping centers, two hospitals, a library branch, parks and public transportation — including a new light-rail station and a major freeway.
Copperstone Village, located at 8040 West Stockton Blvd. in Sacramento, is part of College Square Marketplace, a master-planned and mixed-use community close to Cosumnes River College and several major retailers.
“Providing affordable housing in the same communities where residents work and shop improves the quality of life, increases the sense of belonging and reduces traffic congestion,” said Geoff Brown, President of USA Properties Fund Inc.
The Roseville-based company—one of the largest affordable community developer-manager-owners in the West—and Riverside Charitable Corporation are the owners of the 102-unit property, about 10 miles south of downtown Sacramento.
The $19.9 million project was made possible with subsidies from the Sacramento Housing & Redevelopment Agency and College Marketplace LLC, as well as tax-exempt bonds and 4% tax credits.
Copperstone Village features five California Mission-style buildings, meeting the design and color palette of College Square Marketplace, a fast-growing development just north of Elk Grove.
Copperstone Village offers one-, two- and three-bedroom apartments, with rents ranging from $624 to $1,057 per month, depending on a resident’s income qualifications. Singles, families and seniors are eligible to rent at Copperstone Village.
Amenities include energy-efficient appliances, dual-paned windows, kitchen pantries, washer-dryer hookups, and patios or balconies. The community also features a clubhouse with an activity area, resource center/computer lab, laundry facilities and on-site management.
“Copperstone Village can easily compete with market-rate properties in the area,” said Brown, whose company worked closely with former Sacramento City Councilwoman Bonnie Pannell on the project. “We are building more than apartment communities; we are establishing a home for our residents.”
ABOUT USA PROPERTIES INC.
USA Properties Fund Inc. (USA), a California corporation, is a privately owned real estate development organization specializing in the creation of outstanding senior and family communities. Founded in 1981 and headquartered in Roseville, USA Properties Fund provides a full range of capabilities for community development, including financing, development, construction services, rehabilitation and property management. Our values, leadership and team structure reflect our success with the development/construction and acquisition/rehabilitation of more than 12,000 units of family and senior apartments in about 89 communities throughout California and Nevada. For more information, please visit www.usapropfund.com.