USA Properties Fund Inc. has started construction on a highly anticipated and much-needed affordable senior apartment community in Newark, offering numerous amenities and easy access to services in the city about 35 miles southeast of San Francisco.

Newark Station Senior Apartments, located at 37433 Willow Street (the intersection of Enterprise Drive and Willow Street), will offer residents 55 years and older access to nearby neighborhood shopping centers, a library branch, civic center, senior center and public park. The 75-apartment community is close to public transportation, including easy access to the Fremont BART Station, Interstate 880 and Highway 84.

“We are excited about the Newark Station housing project being developed by USA Properties Fund,” said Newark Mayor Al Nagy, who spoke at a recent groundbreaking celebration for the project. “This project is critical to providing truly affordable housing to our senior citizens.”

Newark Station Senior Apartments is designed for seniors who earn 60 percent or less of the median annual income for Alameda County – about $36,550 to $50,100, depending on the number of residents living in the apartment.

Rent for one-bedroom apartments will range from $929 to $1,125, while two-bedroom units are $1,106 to $1,341. Newark Station rents are about $1,100 less than nearby comparable market-rate apartments, according to industry tracker RENTCafe.

“One of the great challenges of the entire state is the fact that we have a huge shortage of affordable housing,” said USA Properties President Geoff Brown. “One-third of all households in California pay over half their income for housing, which is scary. The Newark Station will be a great option for seniors who are having a difficult time finding affordable housing.”

The financial challenge is often much worse for income-limited seniors, who are about one of every five residents in Newark, according to the U.S. Census Bureau. Newark Station helps address the financial problem for seniors, offering affordable housing without compromising on amenities, quality and security.

Amenities include a 2,600-square-foot community center with a full kitchen and computer stations, on-site laundry rooms, and even a pet-washing area. Apartments will feature ceiling fans, pantry cabinets, and either a balcony or private patio. Newark Station will also offer energy-efficient light fixtures, Energy Star appliances and low-flow faucets, shower heads and toilets.

The four-story building, which includes one parking space per unit, should be completed in fall 2018.

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 $21 million affordable housing project.

“In order to get a project like this off the ground, it takes a team of people,” said Brown of USA Properties.

USA Properties is one of the largest affordable developer-owner-managers in the West with almost 90 communities in California and Nevada. The Roseville-based company has also entered the market-rate industry, and has completed construction and fully leased its first community in South Sacramento in less than two years.

The company has also announced plans to build market-rate communities in the Bay Area, the Sacramento region and Southern California. The future market-rate communities are at various stages.

“We are just as committed to affordable communities as in the past, but there is a demand from residents and an opportunity with market-rate projects that we are pursuing,” Brown said. “We feel there is a tremendous need for both types of housing.”

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, 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 apartment in over 100 apartment home communities throughout California and Nevada. For more information, please visit www.usapropfund.com.

Source: https://www.housingonline.com/2017/11/15/usa-properties-fund-starts-construction-75-unit-affordable-senior-apartment-community-newark/


November 13, 2017 at 4:38 pm

Within four months since the opening of Vintage Aliso, a 202-unit complex for seniors near Aliso Viejo Parkway, the $43.7 million affordable-housing community is at full occupancy and now has a waiting list.

With one-bedroom units starting at $940 per month, the USA Properties Fund, Inc. complex can qualify a one-person family with an annual income of $36,550 to $43,860 — about half of the area’s median income, according to a release..

“There’s a huge need for affordable housing in Orange County,” said Geoff Brown, president of USA Properties Fund, Inc. “Market rent is double what (Vintage Aliso) is and (affordable housing) is a need.”

Some people were upset to learn they were overqualified to live in Vintage Aliso, Brown said, but having partnered the project with nonprofits such as Laguna Beach-based Foundation for Affordable Housing, the main goal was to create affordable housing for seniors.

“We have a housing crisis and we’re trying to to do everything we can do to provide housing,” Brown said. USA Properties has four other complexes in Orange County, in Brea, Yorba Linda, San Clemente and Tustin.

Although the complex is not assisted living, the amenities at Vintage Aliso include a community center, pool, spa and fitness center. The complex also has an environment-friendly aspect to its design.

“It met a very high test for its energy efficiency, with solar, windows, water savings and low-flow toilets,” Brown said.

Vintage Aliso in October earned  the SAGE Award for best 55+ affordable rental community by the Building Industry Association of Southern California.

Aliso Viejo Mayor Dave Harrington said he is pleased with the complex, which took about two years to construct.

“The city of Aliso Viejo is very happy with the addition of this project to our housing stock,” Harrington said in an email. “It fulfills a need for an underserved segment of our community and we are thankful to USA Properties for what they have provided.”

A second phase of the complex is already underway, which will create an additional 202 units next to the existing complex.

“We know firsthand of what a huge need there is for affordable housing,” Brown said, adding he thinks there will be no problem trying to fill the second complex.

Source: http://www.ocregister.com/2017/11/13/affordable-senior-housing-complex-in-aliso-viejo-at-full-occupancy-second-phase-underway/


USA Properties Fund Inc. has completed an extensive, multimillion-dollar renovation of Brookside Crossing, an affordable family community recently purchased in Lincoln, CA.

The City of Lincoln, a fast-growing community about 30 miles northeast of the state Capitol, is like many others in the state with a critical need for housing, especially for low-income residents.

USA Properties Fund, one of the largest affordable housing community developer-owner-managers in the West, bought the former The Oaks at Joiner Ranch community in November 2015 and soon began the $9.4 million renovation.

Construction crews worked on every aspect of Brookside Crossing, from renovating the 208 apartments to the public areas – including the community center where after-school programs for children meet, the fitness center and the leasing office. The 13.6-acre community includes two swimming pools, two playground areas for children, a basketball court, gazebos and even an on-site dog park.

But Brookside Crossing is not a new community and demanded some creativity in order to accommodate existing residents during the months-long renovation. USA Properties relocated residents from their apartments to other on-site units while renovating the one-bedroom to four-bedroom units, Brown said.

Brookside Crossing is the first apartment community – affordable or market-rate – in several years, possibly more than a decade, in Lincoln. And Brookside Crossing provides much-needed affordable housing for residents who earn 50 percent to 60 percent of the median income for Placer County.

“Certainly, providing housing for your workforce is important; it’s really become an economic issue,” said Mayor Pro Tem Nader, who added many apartment communities in Lincoln have two-page waiting lists. The lack of housing is a “statewide crisis … an epidemic.”

USA Properties’ Brown applauds the city’s assistance and the company’s investment partners for making Brookside Crossing a reality – and a viable project. Citi Community Capital, Riverside Charitable Corporation (RCC) and WNC are partners on the $35.8 million project, which includes the purchase and renovation of Brookside Crossing.

https://www.housingonline.com/2017/11/08/usa-properties-fund-inc-purchases-completes-extensive-renovation-brookside-crossing-lincoln-ca/


By Ben van der Meer, Staff Writer, Sacramento Business Journal Nov 1, 2017, 2:25pm PDT         

Months after completing the initial construction and leasing, USA Properties Fund Inc. has sold its first market-rate multifamily project in years, The Landing at College Square.

Geoff Brown, president of the Roseville development company known best for affordable housing projects, said selling wasn’t the initial plan.

“In this particular deal, we weren’t managing the property,” Brown said. “Our typical strategy is to own and operate a community for the longer term, but for a variety of reasons, it made sense that we let it go when we did.”

USA Properties sold the 270-unit Landing at College Square, at 7640 W. Stockton Blvd. in South Sacramento, for $59 million to Oakmont Properties, based in San Rafael. That price is among the largest ever for a suburban multifamily property, with a per-unit price of about $218,500.

Brown said his company began envisioning the project about a decade ago, but didn’t start moving forward for about six years. Built in phases, the first apartments were finished last year and leasing didn’t wrap up until June. Current occupancy is at or above 98 percent, Brown said. Amenities include a community lounge, fitness center, dog-washing station and heated saltwater pool.

“It exceeded projections and was a very successful project for us,” he said.

Selling also reflects USA Properties’ belief that multifamily properties command prices now that might not be there in a year or two, he said. USA Properties still owns and manages more than 11,000 apartment units, most of them income-restricted and in California. That portfolio includes an affordable multifamily property next to The Landing at College Square, Brown said.

Marc Ross and Bill Ayres of CBRE Sacramento represented USA Properties on the sale, which closed late last month.


USA Properties Fund Inc. Renovates Brookside Crossing In Lincoln

LINCOLN, Calif. - USA Properties Fund Inc. has completed an extensive, multimillion-dollar renovation of Brookside Crossing, an affordable family community recently purchased in Lincoln.

The City of Lincoln, a fast-growing community about 30 miles northeast of the state Capitol, is like many others in the state with a critical need for housing, especially for low-income residents.

USA Properties Fund, one of the largest affordable housing community developer-owner-managers in the West, bought the former The Oaks at Joiner Ranch community in November 2015 and soon began the $9.4 million renovation.

"This is fabulous," said Lincoln Mayor Pro Tem Stan Nader, after a recent grand opening celebration of the renamed Brookside Crossing. "They've made a diamond in the rough into a diamond."

Construction crews worked on every aspect of Brookside Crossing, from renovating the 208 apartments to the public areas - including the community center where after-school programs for children meet, the fitness center and the leasing office. The 13.6-acre community includes two swimming pools, two playground areas for children, a basketball court, gazebos and even an on-site dog park.

"We completely transformed the community," said Geoff Brown, President of USA Properties Fund. "We really enhanced the common areas. It looks like a brand-new USA community."

But Brookside Crossing is not a new community and demanded some creativity in order to accommodate existing residents during the months-long renovation. USA Properties relocated residents from their apartments to other on-site units while renovating the one-bedroom to four-bedroom units, Brown said.

"The residents approve of what we have done, and we didn't have to relocate residents off the property," he said. "We helped the surrounding area (with the renovation), and the whole community of Lincoln is better off."

Brookside Crossing is the first apartment community - affordable or market-rate - in several years, possibly more than a decade, in Lincoln. And Brookside Crossing provides much-needed affordable housing for residents who earn 50 percent to 60 percent of the median income for Placer County."Certainly, providing housing for your workforce is important; it's really become an economic issue," said Mayor Pro Tem Nader, who added many apartment communities in Lincoln have two-page waiting lists. The lack of housing is a "statewide crisis ... an epidemic."

USA Properties' Brown applauds the city's assistance and the company's investment partners for making Brookside Crossing a reality - and a viable project. Citi Community Capital, Riverside Charitable Corporation (RCC) and WNC are partners on the $35.8 million project, which includes the purchase and renovation of Brookside Crossing.

"It's one of those great before and after stories," said RCC President Ken Robertson while touring the community.

Source: http://www.rocklintoday.com/news/templates/community_news.asp?articleid=16871&zoneid=4


 

By   –  Staff Writer, Sacramento Business Journal

USA Properties Fund Inc. has wrapped up work on another multifamily project, though the Roseville company wasn’t the developer.

Even so, said CEO Geoff Brown, what’s now called Brookside Crossing in Lincoln feels like a new development, after USA Properties spent about $9.4 million to upgrade the property.

The company acquired the 208-unit property, then known as The Oaks at Joiner Ranch, in 2015 for about $19 million. Though USA Properties is best known as a ground-up multifamily development company, it’s also acquired and rehabbed between 15 and 20 properties in the last 18 years, Brown said.

“I will say that 18 years ago, when we started doing it, I don’t think we were that great at it,” Brown said. Rehabbing an existing property, in this case about 20 years old, requires a different skill set from ground-up development.

A new development requires a lot of coordination with consultants on different aspects of the project, he said. Acquiring a property to rehab, on the other hand, carries the biggest risk when workers have to start looking inside the walls without knowing what they’ll find.

For Brookside Crossing, USA Properties had four main components of improvements: new exteriors to cut down on moisture getting inside buildings, improvements to common areas like barbecue pits, new apartment interiors with updated flooring and cabinetry, and better lighting and landscaping.

Between the acquisition cost and the improvements and associated costs, USA Properties and its partners spent more than $28 million. “At $140,000, $150,000 a unit, you couldn’t build from the ground up with those kind of dollars,” Brown said.

During the work, residents were relocated elsewhere within the property. Brookside Crossing was an affordable housing property before and after the upgrades, and because of new property tax credits USA Properties received to help fund the renovations, had its tenure as an affordable property extended, Brown said.

In addition to USA Properties, Citi Community Capital, Riverside Charitable Corp. and WNC were partners in the project.

 


USA Properties starts new apartment projects in Roseville, Folsom

By Ben van der Meer, Staff Writer, Sacramento Business Journal
Sep 27, 2017, 6:52am PDT

More than 600 new apartments are under construction in two cities by USA Properties Fund Inc. of Roseville.

Construction began in the summer for 304-unit Talavera Ridge, at Broadstone Parkway and Cavitt Drive in Folsom. Last week, work got underway for Fiddyment Ranch Apartments, 300 units at 1900 Blue Oaks Blvd. in Roseville.

USA Properties CEO Geoff Brown said both properties are market-rate and should be finished by the first quarter of 2019.

“We may try to get them done by the end of next year, if we can beat the weather,” he said. “We’ll try to phase the projects as well.”

Roseville and Folsom are among the more attractive suburbs in the region, making the prospect of new apartment units there more feasible, he said. But the locations are different, with Folsom across Broadstone from the popular Palladio retail and office development, while Fiddyment Ranch is in a new growth area of west Roseville.

Talavera Ridge is USA Properties’ third project in Folsom, but its first market-rate one. The company has expanded its plans for projects in that space recently, completing The Landing at College Square in 2015 and fully leasing it earlier this year.

Developing new multifamily projects is difficult because of construction costs, fees, entitlement hurdles and other factors, Brown said. “The flipside of that is because of all those factors, we’re not going to have an oversupply of units hitting the market,” he said.

Both Folsom and Roseville are seeing residential and job growth, ensuring a plentiful supply of renters.

Rents for Talavera Ridge will range from $1,700 to $2,400 a month for one- and two-bedroom units. Fiddyment Ranch will range from $1,625 for a one-bedroom unit to $2,250 for a three-bedroom unit, with the difference based on the relative proximity of Talavera Ridge to more amenities such as shopping and jobs.

Both projects will have rents considerably below what new units of comparable size would cost in the other big growth area for new apartments in Sacramento’s urban core, Brown said.


SUBSCRIBER CONTENT: Aug 15, 2017, 3:57pm PDTMost everyone agrees the Sacramento region needs more multifamily projects, but getting them financed is tricky.

Most everyone agrees the Sacramento region needs more multifamily projects, but getting them financed is tricky. Jonny Harmer, the new chief financial officer at Roseville-based and prominent multifamily developer USA Properties Fund Inc., is going to be tackling that issue directly.

What brought you to USA Properties Fund?

“I was living in Costa Mesa, but I was born in Roseville. I moved away in first grade, but I had great memories from living here. In February, USA Properties reached out to me through LinkedIn. My response was, “My elementary school is two miles from your headquarters.” From the conversations we had, it seemed like a fantastic organization with good people. Everything about the opportunity, all added in, told me it was time to start a new adventure.”

Coming on board, what’s the lay of the land in your eyes?

“There are challenges, but opportunities. The challenge is finding deals that pencil out and cities that welcome us on the affordable housing side. With the housing challenges the state has, there’s also a real opportunity to improve people’s lives.”

Why is financing so hard for multifamily projects?

“The challenge is that the time it takes is so long to get through entitlements and approvals, and time equals risk for investors. Their most critical question is, how soon will I get my money, and how much of it will I get? It’s tough to find the right investors to take those risks.”

Is there a magic bullet out there to improve the situation?

“There’s really not. What we bring to the table is experience. If there’s a bullet, it’s the reputation we have with the firms we partner with. To the extent you can rely on reputation and rely on experience, it doesn’t make it easy, but it allows us to negotiate our way past challenges in the market.”

What makes you want to come into the office?

“No. 1, it’s the people here. No. 2, it’s the opportunity to really make a difference in people’s lives. Being able to provide a comfortable and affordable place to live, that matters. I love that USA is partnered with LifeSTEPS to help makes lives better for the residents, showing them how to improve their economic and social situation. One thing I would say is that as a corporation, we value that here, and you see people put their money where their mouth is.”

***
Jonny Harmer
Chief financial officer, USA Properties Fund Inc.

Age: 43
Education: Bachelor’s and master’s degree in accounting, Brigham Young University
Career: Controller, InsideOut Development LLC, 1997-1999; senior tax consultant, Ernst & Young, 1999-2003; manager, Meredith & Associates CPA, 2003-2005; CFO, Meridian Development LLC, 2005-2008; CFO, Core Realty Holdings, 2008-2011; CFO, CV Holdings Inc., 2011-2017.
Personal: Married to Lynnelle with five children ranging in ages from 7 to 15.
Something people would be surprised to learn about you: “I have my private pilot’s license with multi-engine and instrument ratings.”

 


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