Category: Company

USA Properties starts construction on Terracina at Winding Creek, an affordable apartment community in Roseville

The 284-apartment community will help more residents to live and work in south Placer County

ROSEVILLE, Calif. – USA Properties Fund has started construction on Terracina at Winding Creek, an affordable apartment community in west Roseville that will provide much-needed housing for residents, from early-in-their career professionals and hardworking families saving for their first house to retirees living on a fixed income.

Terracina at Winding Creek will have a north and south site – located at 3440 Westbrook Blvd. and 1040 Lower Bank Drive – and provide affordable one- to three-bedroom apartments in one of the nation’s fastest-growing cities where rent increases have easily exceeded pay raises during the past several years.

The 284-apartment community is close to a large neighborhood shopping center with a grocery store, highly rated public schools and dozens of neighborhood parks. Several major shopping centers – including the Westfield Galleria at Roseville, the largest mall in the Sacramento region – and numerous health providers, including Kaiser Permanente and Sutter Health, are just a few miles away.

“West Roseville is an excellent neighborhood, offering first-rate schools, a network of walking trails and some of the best parks in the region,” said Geoff Brown, President of USA Properties Fund. “We’re happy to help fill the critical need for more affordable, quality housing in our community.”

Roseville-based USA Properties – one of the nation’s fastest-growing and largest affordable apartment-developer-managers in the West – has 33 apartment communities in the Sacramento region, but Terracina at Winding Creek will be only the second in its hometown. Vintage Square at Westpark, an affordable apartment community for 55-and-older residents, is less than two miles away.

WNC & Associates, a national leader in affordable housing syndication, development and preservation, is the tax credit investor for the $119.2 million Terracina at Winding Creek project. JPMorgan Chase & Co. is the construction and permanent lender on the project.

Terracina at Winding Creek

Terracina at Winding Creek will be affordable, but also amenities rich. The apartment community will include a community room, a courtyard area with play equipment, computer workstations and almost 500 parking spaces.

“We are excited to work again with our longtime partner USA Properties on Terracina at Winding Creek,” said Anil Advani, Executive President of Originations and Finance for WNC & Associates. “In addition to safe and affordable housing, Terracina at Westpark will provide residents with computer access, an exercise room, and health and wellness classes. With these opportunities, it is our hope that residents can build a foundation for growth.”

USAP Terracina at Winding Creek Side Small | USA Properties Fund, Inc.

Roseville, recently listed as the 20th fastest-growing city in the U.S. by SmartAsset, has earned dozens of “best” accolades in recent years, from one of the best cities to live in California to a top-rated place to raise a family.

The attention and booming demand for housing has increased rents by more than 10% during the past year in south Placer County, about double the average pay raise for residents, according to the U.S. Census Bureau.

“Roseville has long been a leader in assisting with the development of affordable housing, and we are committed to building our share,” said Roseville Mayor Bruce Houdesheldt. “We made the commitment back in 1989 when we instituted the 10% affordable housing goal. This goal helps ensure that there are housing options for all members of the community, spread throughout our city, and makes Roseville a welcoming place.”

Terracina at Winding Creek will be available to residents earning 30% to 70% of the area median income for Placer County, about $25,740 for a two-person household to $81,060 per year for a five-person household.

Few affordable apartment communities have three-bedroom units, popular with growing families. To meet this need, Terracina at Winding Creek will offer 71 three-bedroom units, in addition to its 97 one-bedroom apartments and 116 two-bedroom units.

The rent for one-bedroom apartments is projected to be $522 to $1,356 per month, depending on household income. Two-bedroom apartments will range from $661 and $1,626. And three-bedroom units will range from $764 to $1,879, significantly below comparable market-rate rents. Rents could be slightly higher when Terracina at Winding Creek is scheduled to open in early 2026.

Terracina at Winding Creek is part of the Creekview Master Plan that includes housing, commercial development, a school and neighborhood parks.

“Roseville is a very special place. It is a family-friendly community with a vibrant economy and many career opportunities for residents,” added Brown of USA Properties Fund. “Terracina at Winding Creek will open the door to much-needed affordable housing and many more opportunities for residents.”

USA Properties is the nation’s 15th-largest affordable housing developer — and the leader in California

USA Properties Fund was among the nation’s top 15 affordable housing developers in 2022 – and the leader in California, according to a closely watched list.

The Roseville-based company ranked No. 15 with 914 affordable apartments under construction in 2022, a huge jump from No. 45 in 2021, according to Affordable Housing Finance. Last year, USA Properties started affordable apartment communities from Lancaster in Southern California to Portland, Oregon.

The current ranking is the highest-ever for USA Properties – and one of the largest one-year gains on Affordable Housing Finance’s Top 50 developers list, which started in 2007.

USA Properties has 24 apartment communities and 4,350 units under some form of construction or development, easily the most since the company started in 1981.

“We are committed to building more affordable housing and meeting the need for quality homes for residents,” said Geoff Brown, President of USA Properties. “Our team has worked tirelessly to make these projects come together, and we have many more in the works.”

The Pacific Companies, based in Eagle, Idaho, was the leading affordable housing developer with almost 3,100 units under construction in 2022.

Carlsbad-based Chelsea Investment Corp. was the second-largest developer in California, finishing at No. 17 with 877 units (the company was the leader in the state in 2021). Fourteen companies based in California made the developers list.

By the numbers
  • USA Properties had 914 affordable apartments under construction in 2022
  • With 10,768 affordable apartments at the end of 2022, USA Properties is the 37th-largest affordable housing developer in the U.S.
  • The company has 24 apartment communities and 4,350 units under some form of construction or development

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Terracina at Lancaster 1 Cropped | USA Properties Fund, Inc.
Terracina at Lancaster in Southern California. The affordable apartment community has started leasing units.

USA Properties is the 37th-largest affordable housing owner in the U.S.

USA Properties finished as the 37th-largest affordable housing owner in the nation, with 10,768 units at the end of 2022, according to Affordable Housing Finance. The company was No. 32 in 2021.

Five companies were added to the affordable housing list, and a few others completed large acquisitions, including Avanath Capital with almost 3,150 units.

USA Properties has a handful of apartment communities that have been or are scheduled to be completed this year, including Terracina at Lancaster and Terracina at Whitney Ranch in Rocklin. The company has expanded into the Central Coast, with an apartment community in Marina, and north to Portland.

“We are always looking at new markets and new opportunities,” Brown said. “We’re extremely proud of our accomplishments and where we ranked on the list, but the greatest satisfaction is providing much-needed homes to residents.”

Feature photo of The Canopy at Powell apartments in Portland, Oregon

Some of the affordable apartment communities under construction by USA Properties

Terracina at The Dunes exterior rendering
Terracina at The Dunes in Marina
Rendering of exterior of Canopy Apartments at Powell
The Canopy at Powell in Portland
Exterior Rendering 1 | USA Properties Fund, Inc.
Terracina at Whitney Ranch in Rocklin
Rendering of College Creek Apartments in Santa Rosa, CA
College Creek in Rohnert Park

Applications are being accepted for The AJ, the first development in the Sacramento Railyards

345-apartment community includes a rooftop lounge, pool and spa, and an always-open, state-of-the-art gym

USA Properties Fund will begin accepting applications for The AJ, a much-anticipated mixed-use apartment community that will become the first completed project in The Railyards, the nation’s largest-ever infill development.

The high-profile Railyards district will feature shops and restaurants, offices, a Kaiser Permanente medical campus, and much-needed housing – with The AJ being the first to open.

“As people begin to move into The AJ, we will be realizing what we have been dreaming about for The Railyards,” said Sacramento Mayor Darrell Steinberg. “This is the next step in transitioning what was vacant land full of opportunities to a bustling urban neighborhood.”

Tour The AJ with Fox40

The AJ, located at 251 6th Street at the intersection of Railyards Boulevard, offers easy access to bus lines, light-rail service, interstates 5 and 80, and a short distance from the Golden 1 Center,  Midtown Sacramento and many employers, including state government. The AJ also includes more than 5,000 square feet of ground-floor retail.

“The AJ is an excellent example of what is possible from private-public partnerships and when organizations come together to help meet the housing needs of residents at a range of income levels,” said Geoff Brown, President of USA Properties.

The AJ is a partnership between LDK Ventures, the managing member of Downtown Railyard Venture, and USA Properties Fund. The $130 million project received significant assistance from the City of Sacramento, the California Department of Housing and Community Development, and the Sacramento Housing and Redevelopment Agency. Citi Bank Community Capital provided the construction and permanent financing.

“The Railyards is a landmark project that will soon become a vibrant neighborhood,” said Denton Kelley, Managing Principal of LDK Ventures. “The AJ ushers in a new era for The Railyards, and a new chapter for Sacramento.”

The 345-apartment community includes 69 affordable homes. Residents who earn 50% or less of the area median income for Sacramento County – currently $35,500 for a one-person household – are eligible for the affordable apartments at The AJ.

USA Properties Fund will begin accepting applications for the affordable apartments at 9 a.m. Tuesday, April 11, and Wednesday, April 12, at the Hilton Garden Inn, 20 Advantage Court in Sacramento. Applications will be accepted on a first-come, first-served basis and residents must bring documents to verify their income.

Applications for market-rate apartments will be scheduled in the coming weeks.

The first phase of apartments will be available around June 1, with a second phase opening in August.

A COMMUNITY FOR ‘EVERYONE’

All residents, regardless of their income, will enjoy a long list of amenities in their apartments and throughout the community named for A.J. Stevens, a community leader and legendary Southern Pacific Master Mechanic who worked in The Railyards in the 1870s and 1880s.

“The AJ is a home for everyone,” said Brown of USA Properties.

Amenities include an always-open, state-of-the-art gym and a sky lounge with a rooftop observation deck with fire tables, gas grills, TVs and dining areas. The AJ also includes a pool and spa with private cabanas; bike storage with a repair station; a pet spa; flexible workspaces and telephone rooms. A secure parking garage with 16 EV-charging stations is available for residents.

The apartments – studio, one- and two-bedroom homes – will offer energy-efficient, stainless-steel appliances; designer finishes such as two-tone cabinetry; quartz countertops; ceiling fans; rainfall showerheads; full-size washers and dryers; and walk-in closets. Ground-floor apartments will feature stained concrete floors with vinyl wood-plank floors and carpet on the other floors of the five-level building. Apartments will also feature smart lock access (keyless entry) and touchscreen displays will allow residents to see deliveries and visitors.

The AJ Kitchen Mini Model | USA Properties Fund, Inc.

“The AJ will be a very unique, distinctive community,” Brown said.

Indeed, the apartment community will feature artwork that honors Stevens, who oversaw the building of Southern Pacific’s locomotives and rail cars in The Railyards. Local artist Cheyenne Randall is creating a mural of Stevens for The AJ.

“The AJ is a one-of-a-kind community in a first-of-its-kind development,” said Kelley of LDK Ventures. “We’re proud to honor the legacy of a community leader and railroad visionary while bringing new housing and energy to a historic district.” 

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.”

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Mainline North 2 | USA Properties Fund, Inc.

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.

1675455769140.331055 tempImage | USA Properties Fund, Inc.
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.”

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 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.”

Tiena Johnson Hall 9 9 21 | USA Properties Fund, Inc.
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.

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Terracina at The Dunes in Marina 1 | USA Properties Fund, Inc.

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.

Construction starts on Terracina at Whitney Ranch, an affordable community in Rocklin

USA Properties Fund's Terracina at Whitney Ranch affordable apartment community in Rocklin

The 288-apartment community provides working families an opportunity to live close to schools, shopping centers, parks and workplaces  

USA Properties Fund has started construction on Terracina at Whitney Ranch, an affordable apartment community in Rocklin that will provide much-needed housing to residents, from early-in-their career teachers and hard-working couples with children saving for their first home to retirees living on a fixed income.

Terracina at Whitney Ranch – located between University Avenue and Wildcat Boulevard in the Whitney Ranch neighborhood – will provide affordable one- to three-bedroom apartments in a region where rent increases have easily exceeded pay raises during the past several years.

The 288-apartment community will be close to Highway 65, numerous parks, several large office campuses and public schools, including highly-rated Whitney High School. Several major shopping centers – including the Westfield Galleria at Roseville, the largest mall in the Sacramento region – and numerous health care providers are just a few miles away.

“It’s in an excellent neighborhood with first-rate schools, walking trails and a short drive to whatever you need, from grocery stores to movie theaters,” said Geoff Brown, President of USA Properties. “We’ve been working on the project for several years, and we’re happy to see it move forward and help fill the critical need for more affordable housing in the community.”

FIRST APARTMENT COMMUNITY FOR USA PROPERTIES IN ROCKLIN

A market-rate project had been considered for the 11-acre property, but after crunching the figures and looking at numerous options, an affordable apartment community made more sense – for the community and USA Properties, said Jatin Malhotra, Vice President of Acquisitions for USA Properties.

“We’re committed to helping meet the need for more affordable housing and investing back in the community where we live and work,” Malhotra said.

Roseville-based USA Properties has 32 apartment communities in the Sacramento region, but Terracina at Whitney Ranch is the first in Rocklin, a fast-growing city in Northern California. The booming demand has increased housing costs by 15% during the past year in south Placer County, about double the average pay raise for residents, according to the U.S. Census Bureau.

“Terracina at Whitney Ranch is an important addition to our community, providing working families a new opportunity to live in Rocklin at more affordable rental rates,” said Rocklin Mayor Bill Halldin. “I’m hopeful that many young people who have grown up in town will have a chance to remain here with housing opportunities like Terracina.”

AFFORDABLE RENT, NUMEROUS AMENITIES

Terracina at Whitney Ranch apartments will be significantly less than nearby market-rate apartments and are reserved for residents who earn 30% to 70% of the average median income for Placer County – about $21,750 to $50,750 per year for a two-person household. 

One-bedroom apartment rents are projected to be $515 to $1,275 per month. Two-bedroom apartments will lease for about $606 to $1,518, while three-bedroom units will rent for about $687 to $1,741. Rents could be slightly higher when Terracina at Whitney Ranch is completed in late 2024.

Residents of the apartment community will enjoy a long list of amenities, including a 4,000-square-foot clubhouse with a community room and fitness room; a swimming pool; a courtyard with seating; and a tot-lot play area.

Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Laundry facilities are also part of Terracina at Whitney Ranch.

Terracina at Whitney Ranch Front View | USA Properties Fund, Inc.
Terracina at Whitney Ranch will boast a long list of amenities, including a 4,000-square-foot clubhouse and a swimming pool.

THE ‘ABILITY TO GET CREATIVE’

USA Properties is developing the $104 million Terracina at Whitney Ranch without local or state subsidies, relying only on tax credits, a “kind of unreal” situation in the affordable housing industry, Malhotra said.

“It was all because of our ability to get creative and how we restructured this project,” he said.

Bank of America is the construction and tax credit lender. Citi Community Capital is the permanent lender.

Terracina at Whitney Ranch is the latest project for USA Properties, the 32nd-largest owner of affordable apartment communities in the nation, according to a just-released report by Affordable Housing Finance. The company has about 3,000 apartment units in various phases of development in the West, Brown said.

“Every apartment community helps address the need for more affordable housing – and housing overall,” Brown said. “And every new apartment opens the door to more housing and new opportunities for others.”

USA Properties ranks among the nation’s top affordable developers, moving up nine spots in 2021

USA Properties Fund continues to climb a closely watched affordable housing owners list, and is among the leading developer-owners in the industry nationwide.

USA Properties ranked No. 32 on Affordable Housing Finance’s Affordable Housing Owners 2021 list, moving up nine spots from the previous year. The company had 11,916 affordable units in January 2021, almost 1,200 more than a year earlier.

The Roseville-based company’s fast-paced growth is attributed to developing and building more affordable apartment communities, not through acquisitions like many others on the list.

USA Properties has been aggressively building affordable housing for more than four decades and has increased production in recent years. The company has announced several affordable apartment communities during the past year, from Lancaster in Southern California to Portland, Oregon, a new market for USA Properties.

CHECKING THE FIGURES
  • USA Properties is the 32nd-largest affordable housing owner in the U.S., with more than 11,900 units in January 2021.
  • The company started construction on 375 affordable units in 2021, with another 3,000 units in some form of development.

“We’re very proud of our accomplishments and being recognized on the Affordable Housing Finance lists, which is only possible through the commitment and hard work of our team and partners,” said Geoff Brown, President and CEO of USA Properties. “We are deeply aware of the need for more affordable housing in the West, and we are working hard to meet the demand and provide quality housing and first-rate communities.”

ALMOST 400 AFFORDABLE UNITS STARTED IN 2021 — ANOTHER 3,000 ARE IN THE WORKS

Each affordable apartment community can take 18 to 24 months to build once construction starts, creating a roller-coaster-like effect on the Affordable Housing Finance’s Affordable Developers list, which ranks the number of units started during the year.

USA Properties ranked No. 45 in 2021, down from No. 13 in 2020. The company started 375 affordable units in 2021, compared to 983 units in 2020, according to the Affordable Housing Finance report.

The company has about 3,000 affordable units in various phases of development or rehabilitation from the Pacific Northwest to Southern California. USA Properties is one of the largest affordable apartment community developer-builder-manager-owners in the West.

USA Properties expanded into market-rate apartment communities several years ago, with developments in the Bay Area, the Sacramento region and Southern California. But Affordable Housing Finance only looks at affordable apartment communities for its annual list.

“We are as committed as ever to affordable housing, which has been the foundation of the company and our success,” said Brown, whose father, J.B. Brown, started the company in 1981. “But it’s very important to remember that every new home, affordable and market-rate, helps fill the incredible demand and need for more housing.”

Just some of our affordable apartment communities under construction
Terracina at The Dunes exterior rendering
Terracina at The Dunes in Marina: 142 units
Rendering of exterior of Canopy Apartments at Powell
The Canopy Apartments at Powell in Portland, Ore.: 169 units
College Creek Rendering | USA Properties Fund, Inc.
College Creek in Santa Santa Rosa: 164 units

USA Properties expands into Oregon with The Canopy Apartments in Portland

Partnership with Northwest Housing Alternatives and Oregon Housing and Community Services starts construction on apartment community

USA Properties Fund, one of the fastest-growing and leading affordable developer-owner-managers in the West, Northwest Housing Alternatives and Oregon Housing and Community Services are partnering on The Canopy Apartments at Powell, a much-needed affordable apartment community close to public transportation, freeways, schools and several shopping centers in east Portland.

Construction on The Canopy Apartments at Powell – located at 12439 SE Powell Blvd., about 12 miles east of downtown Portland – has started and should be completed in late 2023. The 169-apartment community will have numerous amenities, including a bike room, a courtyard with a tot lot, a dog wash and a donation pantry, allowing residents to share food resources.

The $63 million development is the first in Oregon for USA Properties Fund, which has more than 90 affordable and market-rate apartment communities in California and Nevada.

Geoffrey Brown portrait

Aggressive efforts to address affordable housing, through legislation and the passing of a bond measure by voters in recent years, have “made it more realistic to develop affordable housing” in Oregon, said USA Properties President Geoff Brown,

“We’ve been looking at expanding to Portland for a while, and The Canopy Apartments is a good fit and a great project to enter the market,” said Brown, who knows the region well, earning a bachelor’s degree in Economics from Willamette University in Salem. “We appreciate the relationships that we have developed and enjoy working with Northwest Housing and OHCS. They are great people who understand affordable housing.”

‘SAFE, STABLE AND AFFORDABLE HOUSING FOR OREGON FAMILIES’

The public-private partnership – including $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) Housing Program – was critical in taking the apartment community from the drawing board to the 3.8-acre parcel, said Darryl Briley, a Portland-area development consultant working on the project.

Andrea Bell | USA Properties Fund, Inc.

“Increasing access to safe, stable and affordable housing for Oregon families is a continued commitment of OHCS,” said OHCS Executive Director Andrea Bell. “Housing is a critical social determinant of health because it is a platform for health, well-being and community. Financing multifamily affordable housing like The Canopy Apartments at Powell is a representation of our ambitious long-term strategy to respond to the housing crisis impacting the most vulnerable communities in Oregon. It is about centering humanity.”

OHCS has funded almost 19,000 affordable rental homes during the first three years of its Housing Plan, and is on pace to easily exceed the goal of 25,000 over five years.

The Portland Housing Bureau has also played a major role in The Canopy Apartments at Powell, waiving millions of dollars in development fees. The city has issued a State of Emergency on Housing and Homelessness, which greatly expedites the permitting process.

SMALLER RENTS, LARGER APARTMENTS

The Canopy Apartments at Powell will provide much-needed affordable housing for residents in the Portland region, where almost half (46%) of households that rent are considered “cost-burdened,” spending at least 30% of their income on housing, according to The Federal Reserve Bank of St. Louis.

The Canopy Apartments at Powell is for residents earning less than 60% of the area’s median income – about $58,000 per year for a family of four. Rents will range from less than $1,100 per month for a one-bedroom apartment to just more than $1,500 for a three-bedroom unit.

Those rents are significantly less than nearby market-rate apartments in Portland, according to industry tracker Zumper.

Almost as important as the affordable rents are the size of the units, said Destin Ferdun, Director of Real Estate Development for Northwest Housing Alternatives. About half of the apartments will be three-bedroom units, helping meet an often-overlooked and underserved population in the Portland region – families.

The Canopy Apartments at Powell has a “very cost-effective, efficient use of the space,” Ferdun said.

LONG LIST OF AMENITIES, LESS IMPACT ON THE ENVIRONMENT

The modern contemporary-designed apartment community will have a three- and a four-story building. Amenities will include elevators, laundry facilities on each floor, and ample on-site parking with an electric vehicle charging station.

Apartments will include electric heating; laminate flooring; energy-efficient appliances and lighting; and low-flow faucets, showers and toilets. Apartments can also accommodate tenant-owned air conditioning units, if necessary.

USA Properties, which embraced green-building practices more than a decade ago, has registered with Earth Advantage and expects to receive a Platinum-level certification for the project. Numerous earth-friendly upgrades – including high-performance windows, the installation of a solar-panel system and a commitment to building with local materials – will help boost the performance of The Canopy Apartments at Powell by at least 26% compared to baseline permitted construction, said Eric Foley, Manager of the Multifamily Program for Earth Advantage.  

The Canopy Apartments is “very thoughtful in its design,” Briley said.

JP Morgan Chase and WNC are financial partners on the project. WALSH Construction Co. is the general contractor.

The Canopy Apartments at Powell could be the first of several projects in the Portland region for Roseville, Calif.-based USA Properties.

“Oregon and the Portland community are committed to addressing the overwhelming need for more affordable housing,” Brown said. “And we’re looking forward to finding projects that make sense for us and our partners, and being part of the solution that helps ease the critical shortage of affordable housing in the region.”