Nov 15, 2017
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.