Nov 08, 2017
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.