Apr 30, 2019
USA PROPERTIES FUND OPENS NEWARK STATION SENIOR APARTMENTS, OFFERING AFFORDABLE HOUSING STARTING AT $1,033 PER MONTH
Grand opening of 75-unit community set for 11 a.m. Wednesday, April 24
NEWARK, Calif. – USA Properties Fund Inc. has completed a much-needed affordable senior apartment community in Newark, offering low-income residents easy access to numerous amenities and public transportation for about half the rent of nearby properties.
Newark Station Senior Apartments – about 35 miles southeast of San Francisco – is close to neighborhood shopping centers, a library branch, civic center, senior center and public park. The 75-apartment community is also near the Fremont BART Station, Interstate 880 and Highway 84.
USA Properties will hold a grand opening celebration 11 a.m. to 1 p.m. Wednesday, April, 24, at Newark Station Senior Apartments, 37433 Willow Street (the intersection of Enterprise Drive and Willow Street).
Newark Mayor Alan Nagy and USA Properties President Geoff Brown will speak about the importance of the $21 million affordable senior community during the event.
“With the opening of the Newark Station, we now have 75 families housed in a wonderfully new complex and, most importantly, at affordable rates,” Mayor Nagy said. “We have a large demand for housing and we look at Newark Station as the model for additional senior housing in our community.”
Newark Station is for residents 55 years and older who earn 60 percent or less of the median annual income for Alameda County – about $48,840 for one person or $55,800 for two people.
“The Bay Area is a very expensive region to find housing, especially for seniors living on a fixed income,” said USA Properties’ Brown. “We’re glad that we could build an apartment community that helps address some of the need, but the demand for affordable housing – and housing overall – easily outpaces the supply.”
Rent for a one-bedroom apartment at Newark Station starts at $1,033 per month -- about $1,400 less than the average rent in Newark, according to RENTCafe. Only 10% of apartments in the city rent for less than $2,000 per month.
Newark has a “large demand for senior housing … and the City Council is committed to providing our share of affordable housing in our community,” Mayor Nagy said. “We were delighted when USA Properties applied to build here.”
Newark Station features a long list of amenities, from a 2,600-square-foot community clubhouse with a full kitchen and computer workstations to a pet-washing area. The four-story building offers controlled access, on-site laundry facilities and a parking space for each unit.
Apartments will feature ceiling fans, pantry cabinets, and either a balcony or private patio. They will also offer energy-efficient light fixtures, Energy Star appliances and low-flow faucets, shower heads and toilets.
Master developer Integral Communities chose USA Properties for Newark Station Senior Apartments, and donated the land and $4 million for the project. Boston Capital and US Bank also partnered with USA Properties on the project.
“Newark Station is an excellent example of what can be accomplished when partners come together and are committed to a project,” Brown said.
USA Properties Fund is one of the largest developer-owner-managers of affordable apartment communities in the West, with about 90 communities in California and Nevada. The Roseville-based company has also entered the market-rate industry, with communities planned in the Bay Area, the Sacramento region and Southern California.
“California has a tremendous need for more housing, and we are committed to providing quality apartment communities for residents,” Brown said. “With each additional apartment built, affordable and market-rate, we are helping address a critical issue in the state by providing housing to residents.”
ABOUT USA PROPERTIES FUND INC.
USA Properties Fund Inc. (USA), a California corporation, is a privately-owned real estate development organization specializing in the creation of outstanding apartment communities. Founded in 1981 and headquartered in Roseville, Calif., 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 13,000 units of family and senior apartments in over 100 apartment home communities throughout California and Nevada. For more information, please visit www.usapropfund.com.