Construction starts on Sage at Folsom, an affordable senior apartment community

111-apartment development is blocks from large shopping centers, Highway 50

USA Properties Fund has started construction on Sage at Folsom, bringing much-needed affordable senior housing at a “market-rate location” to one of the fastest-growing and highest-rated livable cities in California.

Sage at Folsom, located at 75 Scholar Way, will offer affordable housing for residents 55 years and older at a range of income levels with a long list of amenities – including a community garden, dog park and a refrigerated storage area for food deliveries.

“We’ve enjoyed much success in Folsom, and are looking forward to providing more affordable housing for seniors looking to live in a very vibrant neighborhood and thriving city,” said Geoff Brown, President of USA Properties Fund.

‘Main and Main of Folsom’

The 111-apartment community is a few blocks from Folsom Lake College, health care providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Sage at Folsom is also close to Highway 50 and less than a block from a new bus stop.

“It’s like the Main and Main of Folsom,” said Gabe Gardner of the USA Properties’ Acquisitions team. “It’s a market-rate location for an affordable community.”

Construction on the $32 million development started in November, and should be completed in first-quarter 2023. Bank of America and the City of Folsom are investment partners on the project.

“Bank of America Community Development Banking is pleased to help finance this much-needed affordable housing for seniors in Sacramento County,” said CP Parmar, President of Bank of America Sacramento. “Developer USA Properties has done a tremendous job with Sage at Folsom, representing a great example of the impact that public-private partnerships can make in creating more quality affordable housing for those most in need.”

Homes for seniors who earn about $19,150 to $51,000

Fast-rising rents in recent years have greatly increased the need for more affordable housing in Folsom, especially for low-income seniors.

Age-eligible residents will need to earn 30% to 80% of the median income for Sacramento County – about $19,150 to $51,000 per year – in order to qualify for Sage at Folsom. Rents will range from $450 to $1,300. The average rent for a one-bedroom apartment in Folsom is about $2,330, according to RENTCafe.

Sage at Folsom is affordable, not basic.

The one-bedroom homes will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Each of the three floors will include laundry facilities for residents.

Sage of Folsom residents will also enjoy numerous community amenities, including a clubhouse with a kitchenette and great room; a health and wellness center; a patio with dining and seating areas; a Bocce court; community garden and a dog park. Refrigerated food storage, from grocery stores or nearby restaurants, are available to residents.

Clean energy — and EV charging stations

The apartment community will have ample parking, including EV charging stations. And Sage at Folsom’s electricity will come from Sacramento Municipal Utility District’s (SMUD) SolarShare Program, ensuring clean solar is the power source.

Sage at Folsom’s architecture will blend in well with the surrounding neighborhood.

“It’s going to look amazing,” Gardner said. “It will be stunning.”

Sage at Folsom will be 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 40-year-old company is one of the largest affordable apartment community developers in the West.

“Every apartment community we build, affordable or market-rate, opens the door to more housing and opportunities,” Brown said.

Folsom, about 25 miles east of the state Capitol in Sacramento, has received numerous national awards for best places to live, family living, finding a job and safety in recent years, including honors from Money magazine and WalletHub.

“We’re looking forward to Sage at Folsom residents enjoying the community and all it has to offer, from the historic district to Folsom Lake,” Brown said.

Talavera honored as Sacramento Business Journal’s Best Real Estate Project of the Year

The following is from the Sacramento Business Journal’s Best Real Estate Projects of the Year section and appears as published Sept. 10.   

By Danny King

When it came to getting the community support necessary for the city of Folsom to sign off on the Talavera Apartments site, the process was an uphill battle. Literally.

Having started work on the project in 2015, Roseville-based developer USA Properties Fund had to contend with residents on the ridge to the east of the 9.7-acre site, including concerns over the project’s height and road access.

Additionally, while the city was pushing for a higher number of units, the neighbors wanted fewer apartments.

“The people on the hill wanted to be involved and have an opinion,” said Kobi Moses, principal at Los Angeles-based GMPA Architects, the project’s architect. “So we had to take that into consideration and become a good neighbor.”

After many meetings that included — among other things — the presentation of three-dimensional renderings, the project underwent three substantial design phases before being ultimately approved with 293 apartment units and a rejiggered entrance from a neighborhood street to the busier Broadstone Parkway.

“Initially, the city wanted more units for the site than what we were doing, and neighbors never want more units, so we had to back off,” said USA Properties Fund CEO Geoff Brown, whose company had previously developed two affordable housing projects in the city. “It wasn’t an easy process.”

(Story continues after the image gallery.)

The project, which broke ground in 2017, had a built-in advantage of being located across the street from the Palladio at Broadstone, the 700,000-square-foot “lifestyle” center that was completed in 2011.

The $84.5 million apartment complex, which is spread across four buildings, was also designed to cater to contemporary residential needs. In addition to typical amenities such as a pool and a fitness center, Talavera Apartments also features smart-home appliances, refrigerated lockers, electronic door locks, a do-it-yourself bike-repair center and a “pet park and wash” area. The project’s layout was designed to create a courtyard-type atmosphere between the buildings.

And despite being completed last August, or about five months after Covid-related restrictions were put into place, Talavera — which is managed by Greystar — benefited from the combination of a virtual-leasing program and what Brown said was a steady increase in interest from prospective renters looking to relocate from the San Francisco Bay Area.

“We did it a little bit on the fly, but we had a lot of collateral with the photos,” Brown said of the virtual leasing program. “It was just a matter of converting them.”

Additionally, 24 of the one-bedroom units and 132 of the two-bedroom apartments were designed to include dens, and while that amenity wasn’t added with stay-at-home mandates in mind, it proved to be invaluable for prospective renters who’d been granted the freedom to work from home.

“Many times, we’ve purposely made the bedrooms and other spaces a little smaller to gain a den or work-alcove within the units,” said Moses, whose firm’s work has spanned across the multi-unit residential, mixed-use, commercial, hospitality and master-planning sectors during its 30-year history. “We didn’t know we’d have a pandemic, but we as a company have been advocating giving people space to work from home probably for the last 20 years since laptop computers became so popular.”

As a result, Talavera was 90% leased by March 2021. And while the average rents in Folsom range from about $1,500 a month to about $2,300 a month for studios, one-bedrooms and two-bedrooms, according to, Talavera’s rents are about $200 a month higher than those figures.

“On one side of it, you’ve got retail and restaurants. You’ve got freeway access, you’ve got parks nearby, you’ve got Folsom Lake College, you’ve got a good school district, and you’ve got medical nearby,” said Brown. “It’s just a really great location.”

Fast Facts

Talavera Apartments

Details: 293-unit apartment complex spread across four buildings

Completed: August 2020

Cost: $84.5 million

Developer: USA Properties Fund Inc.

Contractor: USA Construction Management Inc.

Architect: GMPA Architects Inc.

USA celebrates Adega opening, details plans for a second phase

Luxury apartment community in Rohnert Park offers a long list of amenities, including a clubroom, saltwater pool, dog park and
EV-charging stations

USA Properties Fund celebrated the grand opening July 28 of Adega in Rohnert Park, the first of two market-rate apartment communities helping meet the need for more housing in Sonoma County.

The luxury 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, which includes housing, retail and a community park built by USA Properties.

The Adega apartment community is close to numerous stores – including Costco, Target and Walmart – dozens of local and national chain restaurants, and several health-care providers.

The 135-apartment Adega is the first of two apartment communities by USA Properties in the former Rohnert Park Stadium neighborhood. Construction on the adjacent Adega II could begin in April and bring another 74 apartments – including seven affordable units – to the much-in-demand Rohnert Park. The second phase could be completed in late 2023.

USA Properties already has eight apartment communities – including seven affordable communities – in Sonoma County, from Petaluma to Santa Rosa. Another apartment community is in nearby Napa.

“We’ve enjoyed much success in the region, providing quality homes for residents and developing strong relationships with the cities,” said Geoff Brown, President of USA Properties. “We’re proud to be part of an effort to help transform the Stadium neighborhood, including putting in a community park available to everyone.”

Adega Grand Opening with Gabe Gardner | USA Properties Fund, Inc.
USA Properties’ Gabe Gardner talks about the new apartment community during an event July 28.

Room(s) to roam: Three-bedroom apartments available

Rohnert Park, like many communities in California close to major cities, has attracted the attention of residents seeking lower-priced housing and more space during the past 18 months. Adega, which offers three-bedroom apartments with as much as 1,418 square feet, started leasing just as the Covid pandemic started.

“We were pleasantly surprised with how well Adega leased up, especially given the challenges and restrictions,” said Milo Terzich, Vice President of Development for USA Properties. “Both apartment communities will be fulfilling the city’s master plan for the area.”

And helping fulfill a need for more housing in Rohnert Park.

“We understand there is a housing shortage, and we want to be part of the solution,” said Rohnert Park Mayor Gerard Giudice. The city recently approved an ordinance that requires affordable housing for new apartment communities with 50 or more units. “We are definitely doing our part.”

(Story continues below photo gallery)

Outdoor kitchen, barbecues and firepits make year-round get-togethers easy

When the second phase is completed, the Adega apartment community will have a combined 209 units, offering one- to three-bedroom homes. Apartment features include wood plank-style flooring, Energy Star stainless-steel appliances, quartz countertops, automatic roll-down window shades, and full-size washers and dryers.

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

The Adega I apartment community, with a total cost of about $51.2 million, is the latest market-rate project for USA Properties. The Roseville-based company has been expanding into market-rate developments the past several years.

USA Properties, which is celebrating its 40th anniversary, is one of the largest affordable apartment community developer-owner-managers in the West.

“We are committed to creating outstanding communities, whether they are affordable or market-rate housing,” USA Properties’ Brown said. “Each new apartment is critical to meeting the need for more housing in the state, and opens the door to a new home for residents.”

USA Properties sells Harvest at Fiddyment Ranch in Roseville

Opened less than a year ago, Harvest at Fiddyment Ranch in Roseville has fulfilled one prediction made when it went up for sale: a triple-digit sales price.

The 300-unit apartment property developed by USA Properties Fund Inc. sold for $111.34 million earlier this month to Bridge Partners, out of Walnut Creek.

A message left with Bridge Partners wasn’t returned, while USA Properties Fund President Geoff Brown said it was a property to be proud of.

“We developed a high-end, quality apartment community with a long list of amenities in an excellent location in one of the fastest-growing cities in the state, and that helped drive the incredible interest,” Brown said in an email. “We’re extremely proud of what we accomplished with Harvest at Fiddyment Ranch, and the sale will help fund our future apartment communities.”

On a per-unit basis, Harvest at Fiddyment Ranch sold for about $371,000, likely among the highest on that basis this year so far. Occupancy at the time of sale wasn’t available, but was at 96% when the property hit the market in February.

Units at Harvest at Fiddyment Ranch range from one to three bedrooms and 771 to 1,258 square feet. Amenities include quartz countertops and laundry appliances in every unit, a heated pool/spa, a fitness center and outdoor gas grills.

CBRE Capital Markets and CBRE Sacramento Multifamily brokered the deal. The same brokerage has listed two other large, suburban apartment properties in recent weeks: 260-unit Garnet Creek in Rocklin and 410-unit Autumn Ridge in Citrus Heights.

A representative of CBRE was unavailable to discuss the new listings further. But in a news release, the brokerage stated it believed both properties would each sell for $100 million or more.

Garnet Creek, by Cresleigh Homes, is the newer of the two, built in 2018. Autumn Ridge is owned by Oakmont Properties and was built in 1986. Leasing is at 99% and 96%, respectively. Records don’t show any sale for Garnet Creek since it was built, while Autumn Ridge last sold in 2012 for an undisclosed price.

Research firm Yardi Matrix’s May report on multifamily rents offers evidence of why such properties are commanding high prices. According to the report, the Sacramento region saw a 8.3% gain in rents over the last year, the third highest of any region in the U.S.

In particular, rents at “lifestyle” properties — usually newer properties where residents rent by choice — rose by about 12% locally over the last year. The lifestyle description would apply to both Harvest at Fiddyment Ranch and Garnet Creek.

Lifestyle apartment properties have gotten a new boost of attention over the last year from Bay Area residents, working remotely because of the Covid-19 pandemic. In some cases, the cheaper rents in the Sacramento region have compelled a move even as they’re uncertain about putting down money for a single-family home in a highly competitive local real estate market.

(This post first appeared in the Sacramento Business Journal on June 15, 2021. The story appears as published on the Business Journal website.)

USA Properties ranks among nation’s leading affordable housing companies

USA Properties Fund is one of the nation’s largest affordable housing owners in the nation, and was among the leading developers in 2020, according to a just-released report by Affordable Housing Finance.

The company ranked No. 41 on Affordable Housing Finance’s closely watched Affordable Housing Owners list, with 10,735 affordable units at 84 communities in California and Nevada.

USA Properties, which is celebrating its 40th anniversary this year, has been aggressively building affordable housing for decades – and has increased production in recent years.

The Roseville-based company ranked No. 13 on the Affordable Housing Finance Developers list with 983 affordable housing units in the works as of Jan. 1, 2021 – only about 150 shy from landing in the top 10.

AHF50 AwardsLogo 2021 | USA Properties Fund, Inc.

USA Properties expanded into market-rate apartment communities several years ago, and has developments in the Bay Area, the Sacramento region and Southern California. “We remain as committed as ever to building affordable apartment communities that provide much-needed housing for low-income residents and investing in neighborhoods and communities,” said Geoff Brown, President of USA Properties. “We’re very proud of our accomplishments and being recognized on the Affordable Housing Finance lists that highlight our ongoing efforts and hard work to provide quality housing.”

USA Properties starts construction on Terracina at Lancaster, an affordable apartment community

264-apartment development will offer one- to four-bedroom units and a large community space with a pool, sports court, tot lot, and barbecue and picnic area

LANCASTER, Calif. – USA Properties Fund has started construction on Terracina at Lancaster, bringing more greatly needed affordable housing to the fast-growing city in northern Los Angeles County.

The 264-apartment community, located at 1752 E Avenue J4 just west of the Antelope Valley Freeway, will offer affordable housing with a long list of amenities – including a large community space – for residents that meet income requirements.

Terracina at Lancaster is close to health care providers, shopping centers, restaurants and several public schools. Terracina at Lancaster is also less than a mile from Avenida Crossing, another affordable apartment community owned and managed by USA Properties in Lancaster.

“We’re strongly committed to building quality communities that help meet the incredible need for affordable housing – and housing overall – while also improving neighborhoods and investing in the region,” said Geoff Brown, President of USA Properties Fund in Roseville. “We’ve enjoyed providing affordable housing to residents at Avenida Crossing, and we’re looking forward to the same experience with Terracina at Lancaster.”

Community should be completed in late 2023

Construction on the $81 million development started in mid-May. JPMorgan Chase and WNC are investment partners. Terracina at Lancaster, which will offer one- to four-bedroom homes, is scheduled to be completed in late 2023.

Terracina at Lancaster is the fourth apartment community under construction by USA Properties in Southern California, joining affordable housing developments in Panorama City and Simi Valley. The 40-year-old company, one of the largest affordable apartment community developers in the West, also has a market-rate project in the works in Simi Valley.

The four apartment communities will have a combined 814 units and a total cost of about $275 million.

Apartments for low-income residents

Fast-rising rents in recent years have greatly increased the need for more affordable housing in California. Terracina at Lancaster will offer rents about 35% less than nearby market-rate communities in Lancaster, according to RENTCafe.

Renters earning 50% to 60% of the area median income for Los Angeles County are eligible for Terracina at Lancaster. For example, a family of four with household income of less than $71,000 would qualify under the 60% area median income.

Estimated rents will range from $1,108 to $1,330 for a one-bedroom apartment, to $1,715 to $2,058 for a four-bedroom home.

Terracina at Lancaster will have 11, three-story buildings that surround a community space with play and recreation areas. 

Apartments will include energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Ground-floor apartments will have a patio, with a balcony for those on the second- and third-floor units.

Residents will also enjoy a long list of community amenities, including a pool, picnic and barbecue areas with shade structures, a tot-lot play area and a sports court for basketball, four-square, hopscotch and tetherball. Walking paths with benches along the way are part of the 11-acre community.

“It’s really designed around a huge community space,” said Leatha Clark, project manager for USA Properties. “We’re building a very family-friendly community.”

A community room with a hospitality kitchen, a computer area, fitness room and on-site laundry facilities are other features of Terracina at Lancaster.

The apartment community will include an after-school resources room, a flexible space where children can do homework or residents can enjoy hobbies or learn new skills.

LifeSTEPS program available, including college and youth sports scholarships

Social-services provide LifeSTEPS will have a counselor and resources available for residents at Terracina at Lancaster. Residents will also have access to The JB Brown Fund, an effort between USA Properties and LifeSTEPS that provides college and youth sports scholarships and financial assistance to residents for unexpected emergencies.

“We build communities that are so much more than just the buildings,” Brown said. “We connect residents with each other, we help families achieve their dreams and reach goals. We help residents build a better, more stable future.”

And a more sustainable one. USA Properties, a Build It Green builder, will have a long list of energy-efficient and sustainability features at Terracina at Lancaster, including a solar-panel system, recycled material insulation, mechanical ventilation for improved air quality, and water-efficient landscaping and irrigation system.

“We’re always looking at how we can get better,” Brown said. “from our construction practices to improving the lives of residents.”

USA Properties partners on modular construction projects

Company invests in factory and an affordable apartment community in San Jose

Just over two years since breaking ground, Autovol is now using automation in new ways as it nears completion of its first major affordable housing project. The project, Virginia Street Studios, will make high-quality apartment homes more affordable to seniors in San Jose, one of America’s 10 most expensive cities.

(Editor’s note: USA Properties Fund is an investor-partner in the Autovol factory and Virginia Street Studios)

The 400,000-square-foot Autovol factory has now successfully deployed its unique combination of construction trades and robotic automation. Autovol has hired more than 100 employees, which the company calls Solutioneers. Led by CEO Rick Murdock and co-developed by The Pacific Companies, Autovol is pioneering a new kind of modular construction.

“Automation and robotics will lead the world into the future of housing,” Murdock said. “What we’re doing hasn’t been attempted before. Our investors and Solutioneers leaned in with lots of confidence, and now we’re seeing great results that prove they were right.”

‘Raise the bar of career satisfaction in construction’

According to Murdock, automated modular construction is designed to “take the back-breaking work off of people, and use new techniques that weren’t humanly possible.”

Robotics empower the company to create new kinds of careers and a culture designed to “raise the bar of career satisfaction in construction,” Murdock said.

The company is staffing up toward an expected team of 300-plus Solutioneers, and already has 600 modular units on its docket, with capacity for more.

Besides its own team of Solutioneers, Autovol has helped create over 100 jobs for the various companies helping build, tool-up, and service this first-of-its kind factory. One of these is House of Design, an automation and robotics firm also based in Nampa, Idaho.

According to Shane Dittrich, House of Design founder, the company has grown by helping develop this new kind of automation.

“The collaborative effort of people and industrial robots in the off-site construction space provides endless opportunities. We can’t solve the problems of unavailable labor and housing affordability without automation,” Dittrich said. “We also don’t solve these problems without visionary companies willing to take a chance and endure unavoidable speed bumps on the road to extraordinary success. We applaud Autovol for their commitment and we’re excited to be on the forefront of realized robotics for construction technology.”

VA Crane Removal | USA Properties Fund, Inc.

San Jose apartment community to provide 301 units

Virginia Studios will be a five-story, 301-unit complex that will be over-podium, including underground parking. Automation is doing a substantial portion of the work, with Solutioneers skilled in the construction trades doing finishing work and other key tasks.

To learn more about Autovol, its vision, culture, current openings, and the Virginia Street Studios project, visit the company’s just-updated website at

For more information about House of Design Robotics, one of Idaho’s leading automation companies, visit

For information about Pacific Companies, developer of The Virginia Street project, and a national leader in affordable housing development, visit

USA Properties starts construction on two adjacent apartment communities in Simi Valley

Combined $114 million development will provide mixed-income, multigenerational housing near freeways, shopping, schools and health care providers

USA Properties Fund has started construction on two apartment communities in Simi Valley, creating a mixed-income, multigenerational development that will provide 311 much-needed homes to residents.

The almost 13-acre development will include The Landing at Arroyo – a market-rate apartment community with a long list of amenities – and Vintage at Sycamore, an affordable senior community with numerous features for residents at least 62 years old.

The high-profile project, located on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive, offers easy access to the 118 (Ronald Reagan) Freeway, shopping centers, restaurants, a hospital, several public schools and parks.

“This is highly sought-after land, it’s an excellent location,” said Geoff Brown, President of USA Properties Fund in Roseville. “We’ve been working closely with the City of Simi Valley for several years, and we share a commitment of providing quality housing that meets the needs of residents.”

USA Properties Fund already owns and manages the Las Serenas and Vintage Paseo apartment communities in Simi Valley, and has a long-standing relationship with the city. The city held numerous public hearings on the combined $114 million Landing at Arroyo-Vintage at Sycamore project in recent years.

“We chose USA Properties because of its positive history with the city, as well as its willingness to provide much-needed affordable housing for our senior community,” said Simi Valley Mayor Pro Tem Dee Dee Cavanaugh, who was then a director on the Rancho Simi Recreation and Park District Board. “Now, as a member of the City Council, I have the unique opportunity to be involved on the design and building side, and will see this development to its completion.

The Landing at Arroyo and Vintage at Sycamore are next-door to each other but separate projects. However, the combined six, three-level buildings will look the same to people passing by on the street.

“You won’t be able to tell the affordable and market-rate buildings apart,” said Jatin Malhotra, Acquisitions Manager for USA Properties. “Both will complement the neighborhood and expand USA’s footprint in a highly desired community.”

‘A welcome answer to many of the housing needs in our community’

Simi Valley, like many California communities, is dealing with a critical shortage of housing that has been exacerbated by the development of few mid-to-large multifamily projects during the past decade, especially for low-income seniors.

“We anticipate these two apartment communities to be a welcome answer to many of the housing needs in our community,” said Simi Valley City Council Member Elaine Litster, whose district includes the neighborhood. “Simi Valley is experiencing a greater need for senior housing, particularly affordable housing. Vintage at Sycamore is filling a need and providing beautiful, new housing for our deserving seniors.”

The Area Housing Authority of the County of Ventura County contributed a $3.5 million subsidy for Vintage at Sycamore, a 99-apartment community for seniors.

“It’s no secret there is an extreme lack of affordable housing opportunities in our local communities,” said Michael Nigh, Executive Director of The Area Housing Authority of the County of Ventura. “Vintage at Sycamore will add much-needed units to the inventory of affordable housing units for low-income seniors in Ventura County.”

The apartment community is for seniors earning 50% or 70% of the area’s median household income – about $45,200 and $63,300, respectively. Vintage at Sycamore, which offers one-bedroom units, will rent for $1,059 to $1,483 per month, depending on income.

Despite being affordable, the $32 million apartment community has numerous features, including those often only found at higher-priced market-rate properties. Vintage at Sycamore will include a clubroom; fitness center; a computer center with wi-fi and printers; a pool; an outdoor seating area with barbecues; and a pet area. Apartments will feature energy-efficient appliances, a patio or balcony, and laundry rooms on each of the three floors.

USA Properties, one of the largest affordable community developer-builder-managers in West, expects to complete construction on Vintage at Sycamore in late 2021.

‘Resort-like’ living next-door at Landing at Arroyo

Landing at Arroyo will look like Vintage at Sycamore from the street, but it’s a much-different and larger community than its next-door neighbor.

“This is definitely a high-end community,” Malhotra said. “It will cater to a range of residents, from single professionals that commute to downtown Los Angeles to families that want to live in an excellent neighborhood in one of the safest cities in the state.”

The 212-apartment Landing at Arroyo offers an impressive list of “resort-like” amenities, including a clubhouse with a kitchen; fitness center; game room; large saltwater pool and spa with cabanas; outdoor dining areas with fire pits; child play area; dog wash station; outdoor exercise area; locker room for packages; and private, enclosed garages.

The one- to three-bedroom apartments will feature stainless steel appliances; a kitchen island; an in-unit washer and dryer; high-end flooring; and a private balcony with a storage closet.

Landing at Arroyo should be completed in late-2022.

USA Properties partnered with Century Housing, East West Bank and Gables Residential on the $82 million project.

“The Landing at Arroyo will provide new housing for families, young professionals and the many who desire to live in our safe, welcoming community,” Council Member Litster said. “It is surrounded by wonderful neighborhoods, schools and other amenities. And the nearby Arroyo is a great place to walk, bike and recreate.”

The Vintage at Sycamore and The Landing at Arroyo development will be one of the largest-ever-projects for USA Properties. The 40-year-old company has apartment communities in California and Nevada, and entered the market-rate industry in 2015.

“Together, the apartment communities will showcase what’s possible with the right opportunity and partners,” Brown said. “And we will continue to look for similar projects, where we can continue to help meet the ever-increasing need for housing in California.”

USA Properties’ project in Santa Clara part of Google’s $1 billion pledge for more housing

Tech giant is funding 3 affordable housing projects in the Bay Area

(The following story appeared March 4 in the San Francisco Chronicle. The story appears as it did online.)

By Roland Li

Google and its nonprofit partner Housing Trust Silicon Valley have loaned $30 million to three Bay Area affordable housing projects. The commitment, announced Thursday, is part of the tech giant’s $1 billion funding plan to support local housing, which started in 2019.

The projects include Bridge Housing’s Hope SF development in Potrero Hill, Eden Housing’s La Avenida in Mountain View, and USA Properties Fund and the Pinyon Group’s Tasman East in Santa Clara.

Google, Apple and Facebook pledged billions in 2019 to help bolster housing after rents and for-sale prices soared in the past decade, making it harder for even well-paid tech employees to find homes. The coronavirus pandemic has cooled the rental market, but weakness in the job market has made housing an ongoing burden for many. Market-rate housing development is expected to slow in the Bay Area, reducing the fees that help support affordable housing projects.

“Affordable housing is needed now more than ever given the devastating impact of COVID-19 on our communities,” Rebecca Prozan, Google’s West Coast policy lead, said in a statement. “We continue to be as focused as ever on helping the Bay Area build more affordable homes in this time of need.”

The Potrero Hill project includes around 619 replacement units of public housing, which existing residents will move into, along with around 1,000 new affordable and market-rate units. The project was approved in 2017 and the first new building opened in 2019.

Cynthia Parker, CEO of Bridge Housing, said Google’s loan will help speed up development at the project.

“This means more than 800 affordable homes plus a range of housing, amenities and open space that will lift up the entire community,” she said in a statement.

La Avenida includes around 100 affordable housing units, with a third reserved for the homeless. The project at 1100 La Avenida St. has a budget of around $78 million, according to a 2020 city report. It’s 1 ½ miles from Google’s headquarters.

The Tasman East project at 2310 Calle Del Mundo calls for up to 150 housing units.

“This project will be one of the most well-located transit-oriented developments in Silicon Valley and will bring much needed affordable housing at a broad range of incomes near new and existing employment hubs,” Geoff Brown, CEO of USA Properties Fund, said in a statement.

Google previously funded projects in San Jose, Newark and Sunnyvale. Other plans include converting commercial land that it owns into housing sites.

Despite a shift to more remote work, the tech giant has numerous office expansions planned in the Bay Area, including in Mountain View’s North Bayshore, Santa Clara and near Diridon Station in San Jose.

Construction starts on Vintage at Woodman, an affordable senior community in Panorama City

239-apartment community is ‘the type of development that is key to addressing the housing crisis’

USA Properties Fund Inc. has started construction on Vintage at Woodman in Panorama City, bringing much-needed affordable senior housing to the community — and a major milestone for one of the leading apartment community developer-builder-managers in the West.

The 239-apartment community, located in the 7700 block of North Woodman Avenue just west of Ventura Canyon Avenue, will be available for residents at least 55 years old that meet an expanded range of income limits, thanks to the California Housing Finance Agency’s Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program.

“We’re committed to building quality communities that become home to our residents, helps meet the need for affordable housing and improves neighborhoods,” said Geoff Brown, President of USA Properties in Roseville. “Vintage at Woodman checks all those boxes, while also allowing us to tap into the Mixed-Income Program for the first time.”

Geoffrey Brown portrait
Geoff Brown, President of USA Properties

Apartment community for households earning 50%-80% of area’s median income

With the Mixed-Income Program, renters earning 50% to 80% of the area’s median income – about $45,000 to $72,000 for a two-person household leasing a one-bedroom apartment – could qualify for Vintage at Woodman.

“Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” said Tia Boatman Patterson, Executive Director of the California Housing Finance Agency. CalHFA issued tax-exempt bonds and provided subsidy funds through its Mixed-Income Program for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community.”

Tia Boatman Patterson | USA Properties Fund, Inc.
Tia Boatman Patterson, Executive Director of CalHFA

The apartment community, featuring one- and two-bedroom units, is scheduled to be completed in spring 2023. Estimated rents will range from about $1,013 to $1,530 for a one-bedroom apartment, to $1,213 to $1,998 for two-bedroom, two-bath units.

Amenities include a community room, fitness room, barbecue area and pet-wash station

Affordable rent does not mean basic – or boring. The five-story building will offer a long list of amenities, including a community room complete with computer workstations; a fitness room; a second-level courtyard with seating and a barbecue area; and a pet-wash station. Residents will have access to on-site laundry and social-service programs through LifeSTEPS.

“Vintage at Woodman caters very well to seniors with its close proximity to shopping and a major Kaiser Permanente facility,” said Jatin Malhotra, Acquisitions Manager for USA Properties in Roseville. “It’s a very efficient project that makes the most of the Mixed-Income Program by taking an underutilized property and turning it into much-needed senior housing with a combination of very low, low- and moderate-income residents.”

So far, CalHFA has financed projects that will create about 3,750 units for mixed-income affordable housing in the state, Boatman Patterson said. USA Properties Fund — which has more than 90 affordable and market-rate apartment communities in California and Nevada, including 11 in Los Angeles County — is looking to partner with CalHFA and the Mixed-Income Program on other projects.

JPMorgan Chase, Citi Community Capital and RBC Capital Markets joined CalHFA on the $80 million Vintage at Woodman project that replaces an auto-repair business and small warehouses on the property.

“USA Properties and our partners are investing in the community and are looking forward to providing more housing,” Brown said. “And we will continue to look for other housing opportunities in the region and throughout much of the state.”