Category: News

USA Properties starts leasing Sage at Folsom, an affordable apartment community for seniors

The City of Folsom and Bank of America are investment partners in the 111-apartment home community

USA Properties Fund Inc. has started leasing the soon-to-be completed Sage at Folsom, an affordable apartment community for residents 55 years and older close to major shopping centers, Folsom Lake College and Highway 50.

Sage at Folsom, located at 75 Scholar Way, offers affordable one-bedroom apartments for seniors at a range of income levels while providing a long list of amenities, including a community garden, dog park and bocce ball court.

The 111-apartment home community is a few blocks from health care providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Sage at Folsom also is a block away from a new bus stop, has easy access to the city’s bike lanes and bike trails, and a couple of miles from two light-rail stations with access to Downtown Sacramento.

“It’s an affordable apartment community in a market-rate location, close to everything that Folsom has to offer,” said Geoff Brown, President of USA Properties Fund. “Sage at Folsom is in an excellent neighborhood in a fast-growing and very livable city.”

Final weeks of construction for Sage at Folsom at 75 Scholar Way.

New apartment community will ‘help ensure a mix of housing options’ in Folsom

Sage at Folsom is the fourth apartment community for USA Properties in the Folsom area, including the award-winning communities of Forestwood at Folsom and Talavera, a market-rate development less than a mile away. The Roseville-based company has about 35 apartment communities in the Sacramento region.

Bank of America and the City of Folsom are investment partners on the $32 million Sage at Folsom project.

“The City of Folsom is committed to providing a wide range of housing opportunities across the city, and efforts to diversify our housing options are gaining ground,” said Folsom Mayor Rosario Rodriguez. “Since 2019, the city has more than 530 affordable units in development or completed. These affordable multifamily communities – including Bidwell Pointe, Bidwell Place, Bidwell Studios, Peterson Place, Mangini Place, and Sage at Folsom – help ensure a mix of housing options so people of all ages, incomes, and stages in life have the chance to make, or keep, Folsom as their home.”

Sage at Folsom will greatly help with the incredible need for more affordable housing in Folsom and the Sacramento region, especially for low-income seniors.

Age-eligible residents must have income at least two times the rent but cannot exceed $56,800 per year for a one-person household or $64,889 for a two-person household. Rents range from $500 to $1,450, based on income.

However, all of the apartments for residents earning 30% of the area median income are currently leased.

USA Properties is accepting applications by appointment only at Vintage Woods, 8780 Madison Ave. in Fair Oaks. Call 916-292-3505 or email [email protected] for an appointment or more information about Sage at Folsom.

Long list of amenities includes a clubhouse, bocce ball court and dog park

Sage at Folsom is affordable but boasts a long list of amenities, some often only found in market-rate properties.

Residents will enjoy a clubhouse with a kitchenette and great room; a health and wellness center; a patio with dining and seating areas; a bocce ball court; and a dog park. Sage at Folsom is a smoke-free community, requiring residents to leave the property if they smoke.

Apartments will feature energy-efficient appliances and light fixtures, low-flow faucets, showers and toilets. Each of the three floors will include laundry facilities for residents.

“It’s affordable but amenities-rich,” said Brown of USA Properties. “Sage at Folsom is a great place to call home, whether you commute to work or are retired.”

Sage at Folsom is the latest apartment community recently completed or under construction by USA Properties in the Sacramento region.

The company just completed and has started leasing Aurora, a market-rate apartment community in Gold River, and is a partner on The A.J., the first multifamily project scheduled to open this summer in The Railyards in Sacramento. USA Properties started construction last summer on Terracina at Whitney Ranch, an affordable apartment community in Rocklin that should open in early 2024. And the company completed an extensive $5.7 million renovation of Sierra Sunrise, an affordable apartment community for seniors in Carmichael, in early 2022.

“We are expanding into new markets in the West, from Monterey County to Portland (Ore.),” Brown said. “But we remain as committed as ever to building quality housing in our own backyard of the Sacramento region.” 

Interested? Want to apply for Sage at Folsom?

USA Properties is accepting applications by appointment only at Vintage Woods, 8780 Madison Ave. in Fair Oaks. Call 916-292-3505 or email [email protected] for an appointment or more information about Sage at Folsom. 

USA Properties, Pinyon Group start work on Mainline North in Santa Clara

Exterior rendering of Mainline North.

The 151-apartment community near Levi’s Stadium will provide much-needed workforce housing as part of a public-private partnership

SANTA CLARA, Calif. – USA Properties Fund and The Pinyon Group have started construction on Mainline North, an affordable apartment community in Santa Clara that will provide much-needed workforce housing and help transform the neighborhood near Levi’s Stadium.

Mainline North – located in the 2300 block of Calle del Mundo, near Tasman Drive and Lafayette Street – is part of the city’s award-winning Tasman East Specific Plan, an effort to establish a transit-oriented and walkable neighborhood.

The 151-unit apartment community helps meet that goal, being just a few blocks from a large grocery store, an elementary school, a park, and public transportation – including a couple of bus stops and the Lick Mill light-rail station. Mainline North is also a few blocks east of the proposed City Place, a 9 million-square-foot project that will include shopping, offices and housing near Levi’s Stadium, home of the San Francisco 49ers.

“Mainline North is in an exciting, fast-changing area with so much to offer residents,” said Geoff Brown, President of USA Properties Fund. “It will fit the day-to-day needs of residents, whether they are young professionals starting their careers at one of the many companies in the area or retirees living on a fixed income.”

Public-private partnership paves the way for the $81.2 million development

Mainline North is part of a public-private partnership that includes Bank of America, California Housing Finance Agency (CalHFA), the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related.

“The Pinyon Group is proud to be developing this important project in partnership with USA Properties Fund and our public and private partners,” said Jay Stark, Principal at The Pinyon Group. “Public-private partnerships like this one are foundational for a vibrant and successful economy and offer an essential tool for ensuring equitable opportunities for all.”

Santa Clara has more than 2,100 affordable units in development or completed since 2018.

“Santa Clara is working to increase affordable housing opportunities across the city, especially near transit,” said Santa Clara Mayor Lisa M. Gillmor. “Mainline North is an important component of the Tasman East Specific Plan, adopted in 2018, which will be a complete mixed-use neighborhood with parks, greenways and a neighborhood shopping district.”

The Bay Area has faced a critical housing shortage for decades, especially for low- to moderate-income households.

“We’re excited that construction is moving forward with Mainline North, providing 151 housing units to the city of Santa Clara,” said Javier González, head of Google’s local government affairs and public policy in California. “As we remain focused on helping increase the Bay Area’s housing supply as quickly as possible, this is the type of progress we’re proud to support and we’re grateful for the opportunity to work with organizations, like Housing Trust Silicon Valley and USA Properties Fund, that are doing incredible work to make this happen.”

Thanks to a CalHFA program, Mainline North will offer housing to residents with a wide range of income levels, from early-in-their-career teachers to some employees in the many tech companies nearby.

“Building affordable housing in a high-cost area like Santa Clara truly takes a village, especially in this challenging financial climate,” said Tiena Johnson Hall, Executive Director of the California Housing Finance Agency. “I am proud CalHFA is part of the village and that the financing from our Mixed-Income Program can help create housing opportunities at Mainline North for 151 deserving families in this community.”

The $81.2 million project will have a far-reaching effect on the community and its residents, said Raquel González, Bank of America Silicon Valley President.

“Santa Clara and the Tasman East area are going through an exciting transformation, and we’re proud to provide financing for the Mainline North Apartments that will add more than 150 new, affordable housing units for working families of low-income,” Raquel González said. “This public-private partnership model will have a transformative impact not just on the community, but also for the residents with the on-site services to help them gain financial strength. We have worked with USA Properties Fund on many projects over the years, and this one is ideally located near mass transit, major employers, and retail and public amenities.”

The story continues after rendering

Eight-story building scheduled to open in early 2025

Construction on the eight-story building should be completed in early 2025. The first three floors are for the parking garage; lobby and leasing area; community, fitness and flex rooms; and about 5,000 square feet of retail space. The top five floors are for the apartments.

Almost half of the renters in Santa Clara County are considered “cost-burdened,” spending at least 30% of their income on housing, according to the Joint Center for Housing Studies of Harvard University. And about one of every four renters is considered “severely cost burdened,” spending at least 50% of their income on rent.

“We are thrilled to have provided early-stage financing for Mainline North, which will make more affordable housing accessible in the City of Santa Clara and allows us to continue our mission of creating safe, stable, and affordable housing solutions for our vulnerable neighbors and community members in Santa Clara County,” said Noni Ramos, CEO of Housing Trust Silicon Valley. “We appreciate the opportunity to support the development of this exciting new community.”

Affordable studios to three-bedroom apartments with a long list of amenities

Rents at Mainline North will be significantly less compared to other market-rate units in Silicon Valley, and available to households that earn 30% to 70% of the area’s median income – about $35,440 to $106,100 per year.

Mainline North will offer affordable studios to three-bedroom, two-bath apartments that fit the budget and space needs of a wide range of residents, from single-person households to families.

Rents will start from about $850 for a studio to $1,080 for a two-bedroom apartment for households that earn 30% of the area’s median income.

Construction should be completed in early 2025.

Mainline North is affordable but offers a long list of amenities, including some not available in many market-rate communities in Silicon Valley.

Residents will enjoy a community room with a kitchen, an arts and crafts flex room, a computer area with free wifi, and a rooftop courtyard on the fourth floor that includes outdoor seating and barbecue areas and a pet wash station.

Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets.

Fourth apartment community in Silicon Valley for USA Properties

Mainline North will be the fourth apartment community for USA Properties Fund in Silicon Valley, including Virginia Street Studios, an all-studio development that will become the largest affordable apartment community for seniors in San Jose when completed this spring. The Roseville-based company – one of the nation’s fastest-growing and largest affordable developer-manager-owners – has 15 apartment communities with a combined 2,800 units under construction and more than 12,000 units under management.

Mainline North will be a welcome addition to the Tasman East Specific Plan neighborhood, which has received an Award of Excellence from the Northern California section of the American Planning Association.

“Mainline North is an excellent example of what can be accomplished when private and public partners come together with a mission to address the housing needs of a neighborhood, a city and a region,” said USA Properties Fund’s Brown. “It’s a very special project that will help open the door to more opportunities for residents.”

La Mesa celebrates the groundbreaking of 8181 Allison

Community members, city leaders and development partners attended a groundbreaking celebration Tuesday, Jan. 24, for 8181 Allison, an affordable apartment community in downtown La Mesa.

Several speakers – including La Mesa Mayor Mark Arapostathis and USA Properties Fund President Geoff Brown – detailed the benefits and importance of the 147-apartment community to help meet the need for more affordable housing in the region.

(Post continues after the photo gallery. You can see more photos on photographer Melissa Jacobs’ website.)

La Mesa Mayor Mark Arapostathis
USA Properties Fund President Geoff Brown
Event emcee Milo Terzich, Vice President of Development for USA Properties Fund
A public-private partnership helped pave the way for 8181 Allison. Partners include the California Housing Finance Agency (CalHFA), the City of La Mesa, KeyBank and WNC

The transit-oriented development – located at 8181 Allison Avenue, at the southeast corner of Allison and Date avenues, near University Avenue and Spring Street – allows residents easy access to public transportation. 8181 Allison is a very short walk to a trolley station and several bus stops, and just south of Interstate 8, an east-west freeway that connects to much of the San Diego region.

The $67 million development is in La Mesa’s Downtown Village, which includes a large grocery store and pharmacy, more than 30 restaurants, City Hall and the city library.

USA Properties Fund is the developer-manager-owner of 8181 Allison. The public-private partnership includes the California Housing Finance Agency (CalHFA), the City of La Mesa, KeyBank and WNC.

Construction should be completed in late 2024.

You can learn more, including income requirements and rent for the one- and two-bedroom apartments, from the news release on 8181 Allison. (URL LINK)

USA starts construction on 8181 Allison to provide more workforce housing in La Mesa

8181 Allison exterior rendering

Public-private partnership that includes the City of La Mesa, CalHFA, KeyBank and WNC paves the way for 147-apartment community next to a trolley station, bus stops and the city’s Downtown Village

LA MESA, Calif. – USA Properties Fund has started construction on 8181 Allison, an affordable apartment community in La Mesa that will provide much-needed housing to residents, from early-in-their-career teachers and emergency responders to retirees living on a fixed income – all adjacent to public transportation.

The transit-oriented development – located at 8181 Allison Avenue, at the southeast corner of Allison and Date avenues, near University Avenue and Spring Street – is a very short walk to a trolley station and several bus stops, and just south of Interstate 8, an east-west freeway that connects to much of the San Diego region.

8181 Allison is in La Mesa’s Downtown Village, with a large grocery store and pharmacy, more than 30 restaurants, City Hall and the city library. The apartment community has a Walk Score of 90, which means daily errands don’t require a vehicle.

“It’s a development that checks the boxes in so many ways, from providing affordable housing to cost-effective and environmentally friendly public transportation options for getting around the community,” said Geoff Brown, President of USA Properties Fund. “It’s an excellent location for affordable housing, with easy access to so many businesses and services.”

‘FLEXIBLE, CREATIVE AND COLLABORATIVE‘

The 147-apartment community is part of a public-private partnership that includes the California Housing Finance Agency (CalHFA), the City of La Mesa, KeyBank and WNC.

“The City of La Mesa is thrilled that this project, which has been in the works for many years, has become a reality,” said La Mesa City Manager Greg Humora. “We are extremely excited to provide additional housing options for a variety of residents in a prime location with supreme access to transit and commercial options, including the Downtown Village.”

The public-private partnership was key for the $67 million development that will provide affordable housing for low-income residents in a region where more than half of renters are considered “cost-burdened,” spending at least 30% of their income on housing, according to the Joint Center for Housing Studies of Harvard University.

Rents for 8181 Allison apartments will be significantly less compared to nearby market-rate units in La Mesa – and available to residents that earn a wider range of income levels, thanks to CalHFA’s Mixed Income Program. The state agency issued tax-exempt bonds and provided long-term permanent and subsidy loans for the project.

“In this economic environment, we have to be flexible, creative and collaborative to produce affordable housing like this development that can be life-changing for families in La Mesa,” said CalHFA Executive Director Tiena Johnson Hall. “I am thrilled that CalHFA and USA Properties Fund were able to work together on a financing solution that includes subsidy funds through our Mixed-Income Program.”

KeyBank Community Development Lending and Investment provided a $42.78 million construction loan for 8181 Allison.

“KeyBank has a steadfast commitment to helping the clients and communities we serve thrive,” said Jeremiah Drake, Senior Relationship Manager for KeyBank Community Development Landing and Investment. “We’re excited to work with USA Properties, an experienced affordable housing developer that is committed to making a real difference in neighborhoods.”

AFFORDABLE – AND AMENITIES RICH

8181 Allison will offer affordable one-bedroom and two-bedroom, two-bath apartments in a region where rent increases have easily exceeded pay raises during the past several years. The cost crunch has caused many hardworking, lower-income residents to pay more for housing or live outside the city and commute to work, which creates another financial burden.

8181 Allison will be available for households that earn 30% to 70% of the area’s median income – or about $29,000 to $82,000 per year. Auto mechanics, home health aides, early-in-their-career teachers and police officers, and even many employees in the tech industry will meet the income requirements.

Construction on the 147-apartment community should be completed in late 2024. Rents will range from about $700 to $1,675 per month for one-bedroom apartments, depending on the income of residents. Rent for two-bedroom apartments is about $835 to $2,000.

The apartments are affordable but come with a long list of amenities. The four-story apartment building will include a community room with a kitchen, a fitness center, computer stations, a wi-fi area, on-site laundry, outdoor courtyards, a spa and a sky deck. The 117-space parking garage will include EV-charging stations.

Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets.

Residents will also have access to social services, such as financial planning, job search assistance and stabilization.

8181 Allison will be the second USA Properties Fund apartment community in La Mesa, joining Campina Court Apartments about 3 miles away. The company has six apartment communities in San Diego County, including Vintage at Marja Acres Senior Apartments soon to be under construction in Carlsbad. The Roseville-based company – one of the nation’s fastest-growing and largest affordable developer-manager-owners – has 15 apartment communities with a combined 2,800 units under construction and more than 12,000 units under management.

“We are building more than apartments, we are establishing homes and developing neighborhoods,” said Brown of USA Properties Fund. “But, most importantly, we are providing financial and housing stability, and opening the door to more opportunities for residents.”

Project Manager Leatha Clark graduates from prestigious North State BIA BUILD program

Leatha Clark portrait
Leatha Clark

Leatha Clark, a Project Manager for USA Properties Fund, has graduated from the North State Building Industry Association’s prestigious BUILD Program, a demanding program that educates and exposes future leaders to the many sides of the construction industry.

Clark and the 17 other graduates learned about acquiring and developing land to marketing and selling a completed project, and numerous other phases of the industry through the BIA BUILD program.

“I gained a lot of knowledge about parts of the industry that I don’t get to touch every day such as sales, marketing and design, and had the opportunity to meet and speak with some brilliant people,” says Clark, who joined USA Properties Fund in July 2018. “I also made some wonderful professional connections and friends.”

BUILD program graduates participated in educational workshops, leadership projects and got their “hands dirty” on a community service effort remodeling a recovery shelter during the past year.

“The most significant takeaway from the program was gaining a thorough understanding of how important BIA is to our industry,” Clark says of the organization that educates professionals, encourages camaraderie in the industry and lobbies at the federal, state and local level.

Clark, who earned her bachelor’s degree in City/Urban, Community and Regional Planning from San Jose State University, encourages others in the construction industry to apply for the BIA BUILD program.

“It’s a great opportunity to meet and learn from some of the leaders in our industry and to build your professional network,” says Clark, who was also busy at the office in 2022, closing and starting construction on an affordable apartment community in Rocklin and completing the entitlement process of three other projects in California during the past year.

Milo Terzich, USA Properties Vice President of Development for USA Properties, nominated Clark for the BIA BUILD program.

“Leatha has been a strong performer since she joined the company,” Terzich says. “She is a quick learner and motivated to expand her expertise. She has a sense of purpose in the value that housing brings to people …  and an innate desire for service and community benefit.”

USA Properties, April Housing host luncheon to celebrate and connect with residents at Vintage Hills in Reno

April Housing and USA Properties Fund recently helped senior residents celebrate each other, their accomplishments and getting back to normal.

The companies held a Resident Appreciation Luncheon on Oct. 25 for residents at Vintage Hills Senior Apartments, an affordable apartment community in Reno.

Many residents of the 200-apartment community attended the half-day event that included lunch, live music and numerous activities.

Getting back to normal

More than 20 team members from April Housing and USA Properties – including company Presidents Alice Carr and Geoff Brown, respectively – attended the event, helped serve lunch and met with residents.

“The event allowed us to connect with residents, get to know them better and express our appreciation for making Vintage Hills such a special community,” Brown said.

Like many others nationwide, the apartment community’s residents have delayed get-togethers because of health guidelines and a commitment to keeping each other safe during the peak of the COVID pandemic. In some ways, the Resident Appreciation Luncheon was a bit of a getting-back-to-normal celebration.

The luncheon was also a way to connect with residents and see what they need, said Ingrid Kim, Vice President of April Housing.

“We wanted to talk with them and find out what’s going to be the most helpful for them,” Kim said. “It was also an opportunity to thank them for taking great care of the property.”

Construction starts on Adega II in Rohnert Park, with some apartments reserved for moderate-income residents

Luxury apartment community offers a long list of amenities, including clubroom, saltwater pool and spa, and EV charging stations

USA Properties Fund has started construction on Adega II, the second phase of a luxury apartment community that will include seven units for moderate-income residents and help meet the need for more housing in Sonoma County.

The Adega apartment community – located at 541 Carlson Avenue, a few blocks west of Highway 101 and just north of the Rohnert Park Expressway – is part of the Five Creek subdivision in the former Rohnert Park Stadium neighborhood.

Adega is close to numerous stores – including Costco, Target and Walmart – dozens of local and national chain restaurants, several health providers and a community park built by USA Properties.

Adega II will add 74 apartments, including the seven reserved for moderate-income residents earning 110% or less of the median income for Sonoma County – or about $99,275 for a two-person household.

Those seven apartments reserved for moderate-income households could be home to early-in-career professionals, such as government employees or teachers, hard-working families with children saving for their first home or retirees living on a fixed income.

“The City of Rohnert Park takes the housing needs of our community seriously,” said Mayor Jackie Elward, adding the city has approved building permits for 1,800 apartments since 2015, including 300 for low-income residents. “We want everyone in our community to have a safe and affordable place to call home. For that reason, the city requires that developers set aside housing affordable to lower-income households in the larger market-rate developments.”

10 APARTMENT COMMUNITIES IN WINE COUNTRY

It’s a commitment that USA Properties applauds and embraces. The company already has nine apartment communities in Sonoma County, including eight affordable communities. Another affordable apartment community is in nearby Napa.

“We’ve enjoyed tremendous success in the region, developing strong relationships with the cities and providing much-needed quality housing for residents,” said Geoff Brown, President of USA Properties. “We are looking forward to the evolution of the Stadium neighborhood, and continuing to play a part in its transformation.”

Construction on the second phase of Adega has already started and should be completed in late 2024. When completed, the Adega apartment community – the first and second phases combined – will have a total of 209 homes.

Rohnert Park, like many communities in the North Bay, has attracted the attention of residents able to work from home who are seeking lower-priced housing and more space, especially compared to San Francisco and San Jose.

Adega I, with larger-than-average apartments and a long list of amenities, has “performed very well,” with a faster-than-expected lease up after opening in early 2021, said Milo Terzich, Vice President of Development for USA Properties. The company expects similar interest for the $20.7 million Adega II development.

BIGGER APARTMENTS, A LONG LIST OF AMENITIES AND FEATURES

The Adega community offers one- to three-bedroom apartments, with units ranging from 780 to 1,428 square feet – about 30% larger than the average comparable-sized unit in California, respectively, according to RENTCafe.

While apartment size matters for residents, so do amenities and features. Adega checks those boxes as well.

Adega apartments include wood plank flooring, Energy Star stainless-steel appliances, Quartz countertops, automatic roll-down window shades, and full-size washers and dryers. A limited number of garages are available for residents.

The combined apartment communities will share a clubroom with a catering kitchen and fireplace; a saltwater pool and spa; a fitness room; an outdoor lounge area with fireplaces and firepits; an outdoor kitchen with barbecues; a dog park and pet wash area; and electric vehicle charging stations.

(Photos of amenities in the following photo gallery are from the adjacent Adega I, and are available for residents in Adega II to enjoy.)

Adega amenities

USA Properties is dedicated to investing the “time and attention to the resident experience,” Terzich said. “We think long and hard about every door knob and light switch.”

Adega is the latest project for USA Properties Fund, one of the West’s largest affordable apartment community developer-owner-managers. The Roseville, Calif.-based company has more than 20 apartment communities – with a combined 3,000 units – in various phases of development.

“Each apartment community, every apartment home is critical in meeting the need for more housing,” Brown said. “And every door opens a new opportunity for residents.”

 

USA accepting applications for Virginia Street Studios in San Jose

Rendering showing the exterior of Virginia Street Studios, currently under construction in San Jose, CA

USA Properties Fund has started accepting applications for Virginia Street Studios, a soon-to-open affordable apartment community for residents at least 55 years old looking to right-size and enjoy a maintenance-free lifestyle with a long list of amenities, including a community room and rooftop deck.

When completed in November, Virginia Street Studios will become the largest affordable apartment community for seniors in San Jose – and one of only a few modular construction multifamily projects in Silicon Valley, which cuts construction costs and the timeline.

“There is such a great need for affordable housing in the Bay Area, especially in San Jose,” said Sara Goldstein, Senior Asset Manager for The Pacific Companies. The Eagle, Idaho-based company is the developer of Virginia Street Studios, and has two other affordable apartment communities in San Jose. “Modular construction was a good option for Virginia Street Studios, and helps open the door to housing quicker for residents.”

(Post continues after rendering)

‘ENJOYING EVERYTHING OUR DOWNTOWN HAS TO OFFER’

From empty-nesters and retirees dreaming of downsizing to hardworking employees seeking a closer-to-work and lower-cost housing option, Virginia Street Studios could be just the right fit.

The 301-apartment community – located at 295 E. Virginia Street, at the intersection of Seventh Street – is just a few blocks from downtown and close to several neighborhood markets, dozens of restaurants, San Jose State University and a Walmart Supercenter.

“As we look to provide more housing options for our aging residents, projects like Virginia Street Studios can serve as a model for future developments,” said San Jose City Councilmember Raul Peralez, whose district includes Virginia Street Studios. “The location, amenities and cost of the units will allow these residents to continue to live in our growing city and enjoy everything our downtown has to offer.”

San Jose City Councilmember Raul Peralez

Virginia Street Studios also has easy access to Freeways 101, 280 and 87, and the Valley Transportation Authority bus and light-rail system that connects with Bay Area Rapid Transit at the Berryessa Transit Center.

“Virginia Street Studios is centrally located, whether you want to enjoy the neighborhood or the entire Bay Area, and has everything residents need,” said Angie Watson, Regional Manager for USA Properties Fund.

AMENITIES WITH A VIEW

It’s affordable and amenities-rich living in the heart of Silicon Valley – without the hefty rent. More than one of every three (34%) of renters in San Jose spend at least 30% of their income on housing, according to the Joint Center for Housing Studies of Harvard University.

Virginia Street Studios is below that level, allowing low-income residents to spend less on rent, especially critical as the cost of everything, from food to gas, continues to increase at a historic pace.

Residents who earn 50% to 60% of the area median income for Santa Clara County – about $59,000 to $71,000 for a two-person household – are eligible for Virginia Street Studios. The studios rent for $1,436 to $1,600 per month, hundreds of dollars less than nearby market-rate apartment communities with studios, according to industry tracker Zumper.

But affordable is far from basic – or boring.

Apartments feature air conditioning, a ceiling fan, full-size appliances and vinyl plank flooring.  

And residents have access to a long list of community amenities, including a community room, fitness room, a picnic area with barbecues, a second-floor courtyard, and a seventh-floor rooftop deck with seating areas. The apartment community also has on-site laundry facilities, multiple elevators and controlled access for security.

LARGER LIFE IN A SMALL SPACE

But the best amenity could be enjoying a larger life in a smaller space, without the maintenance and yard work.

“Living in a studio is really about decluttering and simplifying your life, and focusing on what you want to do rather than what you have to do,” Watson said. “It’s also about changing your idea of home. The apartment is where you cook, shower and sleep. But the entire building should feel like home, since there are so many things to enjoy and some great spaces to hang out and relax.”

USA Properties is the property manager and an investor-partner of Virginia Street Studios along with The Pacific Companies and Autovol.

Nampa, Idaho-based Autovol combines highly skilled construction industry employees with robotic automation for next-generation modular construction. The company’s crews design and build sections of Virginia Street Studios at the Autovol factory and are then shipped about 670 miles to the site. “Automation and robotics will lead the world into the future of housing,” said Rick Murdock, Chief Executive Officer of Autovol. “Our investors and employees leaned in with lots of confidence, and now we’re seeing great results.”

Interested in living at Virginia Street Studios?

Sign-up for updates
Rendering showing the exterior of Virginia Street Studios, currently under construction in San Jose, CA

USA Properties expands to Monterey County with Terracina at the Dunes in Marina

USA Properties Fund has started construction on Terracina at the Dunes, an affordable apartment community in Marina that will provide much-needed housing to residents that earn a range of incomes under a state program.

The 140-apartment community will have two locations – at Imjin Parkway and 4th Avenue, and 2nd Avenue and 5th Street – that will be home to early-in-their career professionals saving for their first home to retirees living on a fixed income. The apartment communities are less than a mile apart and will share the name and staff, but each will have its own amenities, including community and fitness rooms. 

Terracina at The Dunes is the first apartment community for USA Properties in Monterey County and part of The Dunes master-planned community, a 1,237-home development on the former Fort Ord by Marina Community Partners. The Dunes features a large shopping center – including Target, Kohl’s, Bed Bath & Beyond and Old Navy stores – neighborhood restaurants and a movie theater.

“It’s a beautiful master-planned community in a high-cost market – in a coastal location,” said Jatin Malhotra, Vice President of Acquisitions for USA Properties.

The beach is just a few blocks away, along with California State University-Monterey Bay, several parks and numerous schools, including Marina High School.

USA Properties Fund acquired the two parcels, 6.5 acres in total, from Marina Community Partners LLC for a nominal fee. Marina Community Partners also provided USA Properties with almost $8 million to subsidize the development of Terracina at the Dunes and make affordable housing a reality. Without the subsidy, construction of the Terracina at the Dunes would not be possible.

“Marina Community Partners is proud to join with USA Properties Fund to provide a range of housing affordability at The Dunes,” said Don Hofer, Vice President for Shea Homes and Marina Community Partners. “The Terracina at The Dunes community will provide much-needed housing for those who work in the community or those who prefer to live close to the amenities of the Monterey Bay area. This affordable housing would not be possible without the larger Dunes project moving forward, and exhibits Shea Homes’ and Marina Community Partners’ continuing significant commitment to The Dunes master plan and the community of Marina.”

ONE COMMUNITY, TWO SITES AND A WIDE RANGE OF INCOME LEVELS

Terracina at The Dunes is part of a public-private partnership that includes the California Housing Finance Agency (CalHFA), Chase Bank and WNC.

The public-private partnership was critical for the $71 million project to move forward and provide more affordable housing for low-income residents in Monterey County, where more than half of all renters are considered “cost-burdened,” spending at least 30% of their income on housing, according to the Joint Center for Harvard Studies of Harvard University.

Rents for Terracina at The Dunes apartments will be significantly less compared to nearby market-rate units in Marina – and available to residents that earn a wider range of income levels, thanks to CalHFA’s Mixed-Income Program. The state agency issued tax-exempt bonds for the project and provided a long-term permanent loan and subsidy funds through the Mixed-Income Program.

“I am thrilled that CalHFA was able to provide significant financing to construct Terracina at The Dunes in Monterey County, where affordable housing is greatly needed,” said CalHFA Executive Director Tiena Johnson Hall. “By providing apartments for people at a mix of lower income levels, this development will allow local residents to improve their financial and housing situation without having to move away from the community they call home.”

California Housing Finance Agency Executive Director Tiena Johnson Hall

Marina City Manager Layne Long also applauds the project that will increase the city’s affordable housing supply by more than 30%. About 150 families are on a waiting list for the 420 affordable apartments in the beachside community. The average family waits at least four years before moving into affordable housing.

“We are excited that the Dunes development project continues to move forward, including the Terracina project,” Long said.

AFFORDABLE – AND COMFORTABLE

Terracina at The Dunes will be available for low-income residents that meet an expanded range of income limits established by the California Tax Credit Allocation Committee. With the program, renters earning 30% to 70% of the area’s median income – about $24,400 to $57,000 for a two-person household leasing a one-bedroom apartment – could qualify for Terracina at The Dunes.

Terracina at The Dunes residents will benefit from substantially lower rents compared to market-rate apartments in Marina. One-bedroom apartment rents will range from about $600 to $1,455 per month. Two-bedroom apartments will lease for $715 to $1,740, while three-bedroom units will rent for about $820 to $2,000.

Interested in living at Terracina at The Dunes?

Sign-up for updates

Terracina at The Dunes is more affordable and, in many cases, will offer more amenities than nearby market-rate communities.

Both of the Terracina at the Dunes community sites – one will have 92 apartments, the other 48 – will include a community room and fitness room. Other amenities will include computer stations, a basketball court, picnic area, a tot-lot play area and laundry rooms.

Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets.

The six three-story buildings – four on one site, two on the other – will have a coastal architecture exterior and use a range of materials, complementing the nearby single-family homes in The Dunes master-planned community. Construction should be completed in first-quarter 2024.

“Terracina’s design complements The Dunes on Monterey Bay master plan and makes a pretty significant contribution towards the growing need for affordable housing in Monterey County,” Malhotra said.

USA becomes a partner in two affordable apartment communities in Reno

All 132 apartments will remain affordable for decades and an $8 million rehabilitation is planned

USA Properties Fund has become a partner in two affordable apartment communities in fast-growing Reno, ensuring that low-income residents can remain in their homes – and will also soon enjoy the results from a multimillion-dollar rehabilitation of the properties.

USA Properties Fund becomes a partner and manager of Carriage Stone, a 55-and-older apartment community at 695 Center Street, and the former Dakota Crest community at 446 Kirkman Avenue. Community Services Agency and Development Corp., a nonprofit with 13 affordable apartment communities in Reno, is the other partner.

USA Properties, one of the largest affordable apartment community developer-manager-owners in the West, doubles its number of properties in Reno with the partnership.

‘INCREDIBLE NEED TO KEEP THE APARTMENTS AFFORDABLE’

The apartment communities will share the Carriage Stone name after being packaged together in order to receive Nevada Housing Division-awarded bonds for the purchase and rehabilitation of the properties. Under the agreement, Carriage Stone’s 132 combined apartments will remain affordable housing for decades.

“Reno, like most cities in the West, is facing a critical housing shortage, especially when it comes to affordable apartment communities,” said Geoff Brown, President of USA Properties in Roseville, Calif. “We saw the incredible need to keep the apartments affordable, while also enjoying a great opportunity to expand in Reno – and Nevada.”

The apartment communities are less than a half-mile apart, close to shopping centers, restaurants, health care providers – including Renown Regional Medical Center and the VA Medical Center – and the Riverwalk District along the Truckee River.

“The apartment communities are in the heart of everything,” said Steve Gall, Executive Vice President of Development and Acquisitions for USA Properties. “It’s in an up-and-coming area in the midtown neighborhood.”

The central location coupled with the booming demand for housing that has prompted record-high rents in Reno caused some residents – and housing officials – to worry whether their homes would remain affordable.

“Unfortunately, many of the existing affordable housing projects in the region are being sold to for-profit investors after the affordability period ends and rents are then brought up to market rate,” said Leslie Colbrese, Chief Executive Officer of Community Services Agency and Development Corp. “The affordable housing sector is losing more properties than we are developing, and it’s tough to keep up with the private sector in terms of buying power.”

RENO IS ONE OF THE TOUGHEST HOUSING MARKETS FOR LOW-INCOME RENTERS

The affordable-to-market rate movement has forced many low-income tenants to pay much-higher rents or scramble looking for hard-to-find, lower-priced housing. For example, low-income residents applying for Community Services Agency’s affordable apartment communities have at least a two-year wait, Colbrese said.   

“We need more affordable housing not soon, but now,” she said.

Almost half of extremely low-income renters in Reno are considered cost-burdened, spending at least 30% of their income on housing, one of the highest percentages in the nation, according to the U.S. Housing and Urban Development. Rents for Carriage Stone are below the 30% threshold – and significantly less than nearby market-rate properties.

And Carriage Stone apartments will “remain affordable for another three decades, and will not be brought to market rate and further diminish our already scarce supply of affordable housing,” Colbrese said.

In addition to ensuring that low-income residents have affordable housing, USA Properties and Community Services Agency will spend at least $7.9 million for the rehabilitation of the apartment communities – or about $60,000 per unit, double the minimum required.

New energy-efficient appliances, LED lighting, low-flow showers and toilets, and numerous other improvements are planned for the units. The apartment communities will also get new heating and cooling systems, new roofs and other upgrades, such as improvements to the fitness room, library and TV room at the senior apartment community, and new furniture and outdoor play equipment and upgrades to the swimming pool at the other property.

“The rehab of Carriage Stone ensures the seniors and families living in these communities will be able to continue to afford a welcoming, comfortable and safe place to live,” Colbrese said.

The rehabilitation effort will be completed over an 18- to 24-month period, which will greatly reduce the impact on residents.

“We’re making a long-term investment in these apartment communities, their residents and the region,” Gall said.