Jul 12, 2017
Senior housing project to replace medical offices next to Valley Fair
Apr 20, 2016, 5:38am PDT Updated Apr 20, 2016, 7:05am PDT
Nathan Donato-Weinstein Real Estate Reporter Silicon Valley Business Journal
Roseville-based USA Properties Fund has closed on a 1.8-acre site in Santa Clara steps from Westfield Valley Fair mall, where it's slated to begin construction soon on a new apartment complex for seniors.
The multifamily developer paid $12.1 million for the parcel at 100 N. Winchester Blvd., home to a 65,000-square-foot office building filled with mostly medical tenants, according to title records. The sale closed this month.
The office building at 100 N. Winchester will be replaced by a new project designed by… more
USA Properties Fund didn't return multiple phone calls and emails seeking an interview. But the company's website contains information on the project, which it's calling Santana Terrace.
The project will include 92 units of housing that will rent "starting from the mid $2,000s," the website states. There will be two, four-story elevator-served buildings. Amenities will include fitness and yoga rooms, courtyards with spas and barbecue areas, a media room and a rooftop garden.
The market-rate project will include 69 one-bedrooms and 22 two-bedrooms. Dahlin Group is the architect, and leasing is slated to start in spring 2018.
The market-rate senior-housing segment is expected to grow in the years ahead as Baby Boomers age. Such projects are built with accessibility in mind, featuring single-story units and on-site amenities.
In Foster City, Lennar is building Foster Square, a sprawling 15-acre community that will include 200 market-rate, age-restricted for-sale units; 150 senior assisted living units, and 66 affordable senior units. Atria Senior Living and Mid-Peninsula Housing are also involved.
Farther south, Pulte is approved for a massive 1,017-unit "Sun City" project of single-family homes. The project, called San Juan Oaks, would be built just outside the city of Hollister.
USA Properties Fund has two other projects in the South Bay. They are Mayfair Court in San Jose and Terracina in Morgan Hill. The company has developed or rehabilitated more than 12,000 units of family and senior apartments in 90 communities in California and Nevada. The company traditionally worked in the affordable segment, but is now doing more market-rate projects as well.