Category: Press Release

USA starts leasing Virginia Street Studios, an affordable apartment community in the heart of San Jose

301-studio community includes a rooftop deck, fitness center and a courtyard with barbecues

USA Properties Fund has started leasing Virginia Street Studios, an affordable apartment community for low-income residents seeking an active and maintenance-free lifestyle but also want a long list of amenities, including a community room and a rooftop deck with mountain views, in the heart of San Jose.

The 301-apartment community – located at 255 E. Virginia Street, at the intersection of Seventh Street – is just a few blocks from the center of downtown and close to several neighborhood markets, dozens of restaurants, San Jose State University and a Walmart Supercenter. Virginia Street Studios is also a block from Interstate 280 and close to public transportation.

“It’s got that downtown feel,” said Ana Gowdey, Regional Manager for USA Properties Fund, the property manager and an investor-partner in Virginia Street Studios with The Pacific Companies and Autovol. “It’s really a great environment.”

The all-studio community will accommodate early-in-their-career professionals – such as government employees and school teachers – to empty-nesters and retirees living on a fixed income looking for lower-cost housing, less maintenance and more leisure time.

VIRGINIA STREET STUDIOS
OPEN HOUSE

Virginia Street Studios will hold an open house 9-4 p.m. Friday (April 26) and Saturday (April 27).

“San Jose is seeing the critical need for affordable housing as we see large swaths of our communities being displaced due to the high cost of rent,” said San Jose City Councilmember Omar Torres, who represents District 3 which includes Virginia Street Studios. “Virginia Street Studios will allow over 300 residents to stay in the city they call home and remain part of our city fabric.”

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USAP Virginia Steet Studio Interior 1 | USA Properties Fund, Inc.
Studios include air conditioning, ceiling fans, energy-efficient appliances — including a full-size refrigerator — vinyl plank flooring, and either a balcony or patio, depending on the floor.

Affordable but with a wealth of amenities

Indeed, almost half of renters spend at least 30% of their income on housing in San Jose, and the figure is much higher for lower-income residents, according to the latest Joint Center for Housing Studies of Harvard University report.

Residents who earn 50% to 60% of the area median income for Santa Clara County – between $62,450 and $74,940 for a single person to $71,400 and $85,680 for a two-person household – are eligible for Virginia Street Studios. 

USAP Virginia Street Rooftop Terrace | USA Properties Fund, Inc.
A rooftop deck allows residents to enjoy the cool evenings and the views of the nearby mountains.

The studios rent for $1,567 to $1,890 per month, depending on household income, hundreds of dollars less than nearby market-rate studios, according to industry tracker Zumper.  

The dog-friendly apartment community is affordable but also comes with an impressive list of amenities, including many often not found in market-rate properties.

Virginia Street Studios features a community room with a large kitchen, a fitness room, a second-floor courtyard with barbecues and tables, and a seventh-floor rooftop deck with seating areas. The apartment community also includes a lounge and computer room on the third floor and a fourth-floor game room with chess tables, a pool table and board games.

Residents will enjoy on-site laundry facilities on each floor, multiple elevators, controlled access for security, a bike room with bike racks, and 120 assigned parking spaces are available in a parking garage on a first-come, first-served basis for those with vehicles.

The studios feature air conditioning, ceiling fans, energy-efficient appliances – including a full-size refrigerator – vinyl plank flooring, and either a balcony or patio.

“It’s getting a lot of attention, especially from the younger generation,” Gowdey said of the apartment community in the center of Silicon Valley. “It’s centrally located whether you want to enjoy the neighborhood or the entire Bay Area.”

Community leaders and residents celebrate the opening of The Canopy Apartments at Powell in Portland

Public-private partnership made
169-apartment community possible

Several dozen community leaders, company officials and residents celebrated the grand opening April 5 of The Canopy Apartments at Powell, a much-needed apartment community in east Portland.

“This is the best place I’ve ever lived,” said resident Jessie Love, who recently lived in a Tiny Home Village and experienced homelessness for almost a decade before moving to The Canopy Apartment at Powell with his pet rabbit, Mamas. “This is an opportunity for change, for a better life.”

The Canopy Apartments at Powell – located at 12475 SE Powell Blvd., about 12 miles east of downtown Portland – was possible through a public-private partnership between USA Properties Fund, Northwest Housing Alternatives, and Oregon Housing and Community Services.

The Canopy Apartments at Powell has easy access for Love and other residents to public transportation, schools and several shopping centers in east Portland.

The 169-apartment community, available to residents who meet income requirements, features a long list of amenities, including a bike room, an after-school program for children a few days a week, 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 of two apartment communities in Oregon for USA Properties Fund.

Far-reaching and forward-looking efforts to address the critical shortage of affordable housing, including through legislation and local bond measures passed by voters in recent years, attracted USA Properties to Oregon.

USAP Canopy Apartments at Powell | USA Properties Fund, Inc.
The Canopy Apartments at Powell

“The Canopy Apartments at Powell is an excellent project to enter the Portland market and introduce our company to Oregon,” said USA Properties President Geoff Brown, who knows the region well, earning a bachelor’s degree in Economics from Willamette University in Salem. “We greatly appreciate the relationships we have developed and enjoy working with Northwest Housing and OHCS. They are partners who understand affordable housing and the importance of providing housing for lower-income residents.”

USA Properties Fund and Northwest Housing Alternatives are also partners on Terracina Vista, an affordable apartment community under construction in nearby Gresham.

“Canopy Apartments offers wonderful affordable housing opportunities,” said Trell Anderson, Executive Director of Northwest Housing Alternatives. “We are grateful for the partnership with USA Properties Fund and OHCS. We know stable affordable housing like this gives kids who live here a better opportunity to succeed in education and we look forward to supporting them and their families with an after-school program.”

The public-private partnership, including $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) Housing Program, was critical in paving the way for The Canopy Apartments at Powell.

“This investment aims to create more affordable housing while also fostering connections within communities,” said OHCS Director Andrea Bell. “The truth is clear: when people have access to opportunities, it leads to greater social and economic mobility and prosperity. Today, we are taking actions toward that goal. This city has seen powerful examples of why this is so important, and The Canopy at Powell Apartments once again highlights the strong link between housing and justice.”  

The Portland Housing Bureau also had a leading role in making Canopy Apartments possible, waiving millions of dollars in development fees.

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

“WNC is proud to serve as a financial partner for The Canopy Apartments at Powell,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “The Portland market is long overdue for an increase in affordable housing investment. We are pleased to continue expanding our footprint in Oregon and providing affordable housing for many years to come.”

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The Canopy 33 | USA Properties Fund, Inc.
The Canopy 72 1 | USA Properties Fund, Inc.
The Canopy 88 | USA Properties Fund, Inc.
The Canopy 80 | USA Properties Fund, Inc.
The Canopy 77 | USA Properties Fund, Inc.

Smaller rents and three-bedroom apartments 

The Canopy Apartments at Powell will provide more affordable housing for Portland-area residents, where half of households that rent are cost-burdened, spending at least 30% of their income on housing, according to the Joint Center for Housing Studies of Harvard University. One of four renters spend more than 50% of their income on housing.

“We’re proud to have played a role in the development of the Canopy Apartments at Powell, which will bring much-needed affordable housing to individuals and families in Portland,” said Bob Powers, Managing Director of Chase Community Development Banking. “These high-quality, sustainable units will be an indispensable asset for the community, increasing the local stock of affordable housing and helping improve the lives of the residents who will call it home.”

The recently opened apartment community is for residents earning less than 60% of the area’s median income – about $54,180 for a two-person household or $73,140 for a family of five. Rents range from about $1,224 for a one-bedroom apartment to $1,680 for a three-bedroom unit.

Those rents are significantly less than nearby market-rate apartments in the Portland region, according to multiple rental sites.

About half of the apartments are three-bedroom units at Canopy Apartments at Powell, meeting the need for larger living spaces for families.

Amenities include elevators, laundry facilities on each floor, and on-site parking. Apartments can also accommodate tenant-owned air conditioning units, if necessary.

Apartments feature electric heating; laminate flooring; energy-efficient appliances, lighting insulation and windows; and low-flow faucets, showers and toilets. Canopy Apartments also boasts healthier indoor air and a more weather-resistant design, and used building materials found within 500 miles – benefiting local businesses and reducing the environmental impact from shipping.

“If you want change, you just have to go for it. This feels like home.”

Jessie Love, resident (Love with his pet rabbit, Mamas, at the grand opening celebration with other guests).
The Canopy 14 | USA Properties Fund, Inc.

USA Properties Fund – already with 90 apartment communities in California and Nevada – could further expand with more projects in Oregon.

“Oregon and Portland-area leaders are committed to addressing the critical shortage of affordable housing, and we are looking forward to looking for projects that make sense for our company and partners,” Brown said. “Canopy Apartments is an excellent example of what we can accomplish when we work together to find effective housing solutions for residents.”

Love, who moved into his one-bedroom apartment a few weeks ago, agrees.

The apartment community is “about getting a foot under you,” Love said. “If you want change, you just have to go for it. This feels like home.”

Groundbreaking celebration held for Terracina Vista, an affordable apartment community in Gresham

The 92-apartment community is along a MAX light-rail line and will offer a community room, inside bike storage and three-bedroom units

Community leaders and company officials celebrated April 4 the groundbreaking of Terracina Vista, an affordable apartment community in Gresham, Oregon, along a MAX light-rail line and close to shopping centers, schools, health providers and two freeways.

USA Properties Fund, one of the fastest-growing and leading affordable developer-manager-owners in the West, and Northwest Housing Alternatives are partners on Terracina Vista – located at 16519 E. Burnside Street, about 10 miles from downtown Portland.

The 92-apartment community will include a community room, computer workstations and inside bike storage, a popular feature in the bike-friendly Portland region. Terracina Vista should be completed in summer 2025.

Terracina Vista 4 | USA Properties Fund, Inc.
Terracina VISTA

Several public and private organizations are partners in Terracina Vista. The City of Gresham, Oregon Housing and Community Services, and Oregon Metro are subsidy lenders on Terracina Vista. WNC & Associates is the tax credit investor on Terracina Vista. The construction lender is Capital One and the permanent lender is Citi Community Capital.

“We’re encouraged by this collaboration and the opportunity to provide much-needed affordable housing options to our community,” said Gresham Mayor Travis Stovall. “Housing for all is one of Gresham’s strategic plan priorities, and projects like this bring us closer to that vision.”

Terracina Vista 15 | USA Properties Fund, Inc.
Gresham Mayor Travis Stovall (second from the right) with USA Properties Fund’s Darren Bobrowsky and Steve Gall, and Northwest Housing Alternatives Executive Director Trell Anderson.

Terracina Vista will provide ‘access to safe, stable and affordable housing’

The $43 million development is the second in Oregon for USA Properties Fund, which has more than 90 affordable and market-rate apartment communities in California and Nevada. The company and Northwest Housing Alternatives are also partners on The Canopy Apartments at Powell, a 169-apartment community that has started leasing in nearby east Portland.

The state’s efforts to address the critical shortage of affordable housing, including through legislation and local bond measures passed by voters in recent years, drew USA Properties to Oregon.

“Oregon has been working hard on developing more affordable housing and ensuring lower-income residents have a quality, safe place to call home,” said Geoff Brown, President of USA Properties. “In a short time, we have already developed strong relationships in the region and enjoy working with Northwest Housing Alternatives and Oregon Housing and Community Services.”

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Terracina Vista 67 | USA Properties Fund, Inc.
Terracina Vista 93 | USA Properties Fund, Inc.
Terracina Vista 48 | USA Properties Fund, Inc.
Terracina Vista 51 | USA Properties Fund, Inc.
Terracina Vista 90 | USA Properties Fund, Inc.
Terracina Vista 05 | USA Properties Fund, Inc.

Terracina Vista is within the Rockwood-West Gresham Urban Renewal Plan. The urban renewal plan is an effort to boost the economy, improve job opportunities, provide more affordable housing and revive the Rockwood neighborhood.

“Northwest Housing Alternatives is committed to increasing access to safe, stable and affordable housing,” said Trell Anderson, Executive Director of Northwest Housing Alternatives. “Our investment in Terracina Vista is one more step forward in addressing the critical housing crisis in the Portland metro region and helping some of our most vulnerable community members. Affordable housing serves as the foundation for building a better future, from improving health to the overall well-being of residents.”

‘Affordable housing … is one of the most pressing issues many Oregonians are facing’

Terracina Vista will provide critically needed affordable housing for low-income residents in the Portland area, where half of households that rent are considered “cost-burdened,” spending at least 30% of their income on housing, according to the Joint Center for Housing Studies of Harvard University. More than one of every four (27%) households that rent spend at least half of their income on housing.

“The need for affordable housing across the state is one of the most pressing issues many Oregonians are facing day in and day out,” said Oregon Housing and Community Services Director Andrea Bell. “Incomes have not kept up or adjusted for inflation. Our collective mandate is to continue to come together and prioritize the creation of housing developments like Terracina Vista.”

The apartment community is for residents earning less than 60% of the area’s median income – about $67,680 per year for a family of four. Rents will be announced closer to the completion of Terracina Vista, but will be hundreds of dollars less than nearby market-rate apartment communities.

Almost half of the apartments at Terracina Vista will have three bedrooms, helping meet an often-overlooked and underserved group of renters – families.

“We are committed to meeting the housing needs of all residents, whether they are a growing family or retirees living on a fixed income,” Brown said. “As much as we are building apartment communities, we are also developing a community where people from various backgrounds will share experiences, enjoy time together and support each other.”

Terracina Vista will feature a community room, where residents can connect and get together. Other amenities will include elevators and laundry facilities in the four-story building.

Apartments will include energy-efficient appliances and lighting, and low-flow faucets, showers and toilets.

USA Properties will continue to look at other possible projects in the Portland area, which needs an estimated 58,600 more homes to meet the current demand for housing – the 19th-largest deficit in the U.S., according to Just For Growth. “Terracina Vista is another important step in a very long journey,” Brown said. “Every home that becomes available opens the door for another opportunity for residents.”

More views of the future Terracina Vista apartment community
Terracina Vista 1 | USA Properties Fund, Inc.
Terracina Vista Rendering New 2 | USA Properties Fund, Inc.

USA Properties and Northwest Housing Alternatives partner on Terracina Vista in Gresham, Ore.

The 92-apartment community is along a MAX light-rail line and will offer a community room, three-bedroom units and inside bike storage

USA Properties Fund, one of the fastest-growing and leading affordable developer-manager-owners in the West, and Northwest Housing Alternatives are partnering on Terracina Vista, a much-needed affordable apartment community in Gresham along a MAX light-rail line and close to shopping centers, schools, health providers and two freeways.

Construction on Terracina Vista – located at 16519 E. Burnside Street, about 10 miles from downtown Portland – will start in the next few weeks and should be completed in summer 2025. The 92-apartment community will include a community room, computer workstations and inside bike storage, a popular feature in the bike-friendly Portland region.

The City of Gresham, Oregon Housing and Community Services, and Oregon Metro are subsidy lenders on Terracina Vista.

“We’re encouraged by this collaboration and the opportunity to provide much-needed affordable housing options to our community,” said Gresham Mayor Travis Stovall. “Housing for all is one of Gresham’s strategic plan priorities, and projects like this bring us closer to that vision.“

WNC & Associates is the tax credit investor on Terracina Vista. The construction lender is Capital One and the permanent lender is Citi Community Capital.

Second affordable apartment community in Oregon for USA Properties

The $43 million development is the second in Oregon for USA Properties Fund, which has more than 90 affordable and market-rate apartment communities in California and Nevada. The company and partner Northwest Housing recently completed and has started leasing The Canopy Apartments at Powell, a 169-apartment community in nearby east Portland.

The state’s far-reaching and forward-looking efforts to address the critical shortage of affordable housing, including through legislation and local bond measures passed by voters in recent years, attracted USA Properties to Oregon, said company President Geoff Brown.

“Oregon has been working hard on developing more affordable housing and ensuring lower-income residents have a quality, safe place to call home,” said Brown, who knows the Portland area well, earning a bachelor’s degree in Economics from Willamette University in Salem. “In a short time, we have already developed strong relationships in the region and enjoy working with Northwest Housing Alternatives and Oregon Housing and Community Services.”

Geoff Brown portrait
USA Properties Fund President Geoff Brown

‘One more step forward in addressing the critical housing crisis in the Portland metro region’

A public-private partnership is critical for Terracina Vista, located in the Rockwood-West Gresham Urban Renewal Plan. The urban renewal plan is an effort to boost the economy, improve job opportunities, provide more affordable housing and revive the Rockwood neighborhood.

“Northwest Housing Alternatives is committed to increasing access to safe, stable and affordable housing,” said Trell Anderson, Executive Director of Northwest Housing Alternatives. “Our investment in Terracina Vista is one more step forward in addressing the critical housing crisis in the Portland metro region and helping some of our most vulnerable community members. Affordable housing serves as the foundation for building a better future, from improving health to the overall well-being of residents.”

Terracina Vista 3 | USA Properties Fund, Inc.
Terracina Vista will include a community room, computer workstations and inside bike storage, a popular feature in the bike-friendly Portland region.

Terracina Vista will provide much-needed affordable housing for low-income residents in the Portland area, where half of households that rent are considered “cost-burdened,” spending at least 30% of their income on housing, according to the Joint Center for Housing Studies of Harvard University. More than one of every four (27%) households that rent spend at least half of their income on housing.

Andrea Bell | USA Properties Fund, Inc.
Oregon Housing and Community Services Director Andrea Bell

“The need for affordable housing across the state is one of the most pressing issues many Oregonians are facing day in and day out,” said Oregon Housing and Community Services Director Andrea Bell. “Incomes have not kept up or adjusted for inflation. Our collective mandate is to continue to come together and prioritize the creation of housing developments like Terracina Vista.”

Terracina Vista is for residents earning less than 60% of the area’s median income – about $67,680 per year for a family of four. Rents will be announced closer to the completion of Terracina Vista, but will be hundreds of dollars less than nearby market-rate apartment communities.

Three-bedroom units offer more space for families

Just as important as the affordable housing are the size of the units, housing officials say. Almost half of the apartments in Terracina Vista will have three bedrooms, helping meet an often-overlooked and underserved group of renters – families.

“We are committed to meeting the housing needs of all residents, whether they are a growing family or retirees living on a fixed income,” said Brown of USA Properties. “As much as we are building apartment communities, we are also developing a community where people from various backgrounds will share experiences, enjoy time together and support each other.”

Terracina Vista will feature a community room, where residents can connect and get together. Other amenities will include elevators and laundry facilities in the four-story building.

Apartments will include energy-efficient appliances and lighting, and low-flow faucets, showers and toilets.

USA Properties will continue to look at other possible projects in the Portland area, which needs an estimated 58,600 more homes to meet the current demand for housing – the 19th-largest deficit in the U.S., according to Just For Growth.

“Terracina Vista is another important step in a very long journey,” Brown said. “Every home that becomes available opens the door for another opportunity for residents.”

Terracina Vista Rendering New 2 | USA Properties Fund, Inc.

Luxury apartment community Adega II starts leasing in Rohnert Park

8 affordable apartments are available for moderate-income residents. Amenities include a clubroom, saltwater pool and spa, fitness center, and a dog park and pet wash area

USA Properties Fund and property manager Greystar have started leasing Adega II in Rohnert Park, the second phase of the luxury apartment community that will include eight units for moderate-income residents to help meet the critical need for more affordable 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, Safeway and Walmart – dozens of local and national chain restaurants, several health providers and a community park built by USA Properties Fund.

Adega held a grand opening and ribbon-cutting ceremony with the Rohnert Park Chamber of Commerce on Nov. 8.

Adega 6 3 | USA Properties Fund, Inc.
Adega includes a clubroom with a catering kitchen
Adega 12 2 | USA Properties Fund, Inc.
Large apartments, including three-bedroom homes

The first phase of Adega was completed in mid-2021 and was quickly leased. The same is expected with the soon-to-be-completed Adega II.

“It’s an awesome location, with amazing amenities,” said Tanner Amos, a Senior Manager for Greystar. “Adega II is a second opportunity to get into the community.”

Adega II will add 74 apartments, including eight apartment homes for moderate-income residents. Those apartments are for residents earning 120% or less of the median income for Sonoma County, or $122,950 for a two-person income household. 

The more affordable apartments could be home to early-in-career professionals, such as first responders, government employees or school teachers. The affordable apartments – about one-third less than nearby units in nearby market-rate properties – could help hard-working families with children save for their first home or retirees living on a fixed income. 

“Rohnert Park is the Friendly City, and that includes our commitment to being housing-friendly,” said Rohnert Park Mayor Samantha Rodriguez. “The city prioritizes housing at all levels, and these new units will help provide much-needed housing in our community. We’re especially pleased that eight of those units will be priced as affordable.”

According to a new report from Up For Growth, Sonoma County has a shortage of about 7,400 homes. And almost three of every five renters spend at least 30% of their income on rent, with another 28% spending more than half of their income on housing, according to the Joint Center for Housing Studies of Harvard University.

USA Properties is committed to building affordable apartment communities and help address the housing shortage in Sonoma County. The Roseville-based company has 10 apartment communities in Sonoma and Napa counties, including nine affordable apartment communities.

“We’ve enjoyed much success and developed strong relationships with the cities in the region,” said Geoff Brown, President of USA Properties. “Adega II allows us to offer quality housing to a range of income levels – and with a range of space needs.”

Adega 2 | USA Properties Fund, Inc.
Adega is close to shopping, including a nearby Costco
Adega 3 1 | USA Properties Fund, Inc.
A saltwater pool and spa are part of the amenities
Adega 4 | USA Properties Fund, Inc.
The clubroom has a large seating area that overlooks the pool
Adega 8 1 | USA Properties Fund, Inc.
The fitness center features state-of-the-art equipment

Large apartments with a long list of amenities and features

When completed, the Adega apartment community – the first and second phases combined – will have a total of 209 homes.

Adega offers one- to three-bedroom apartments, with units ranging from 780 to 1,348 square feet, about 30% larger than nearby units in the Wine Country, according to RENTCafe.

Residents, regardless of their income, will enjoy a long list of amenities and features at Adega.

Apartments include Energy Star stainless-steel appliances, Quartz countertops, roll-down shades and wood plank flooring. A limited number of garages are available for residents.

Adega also includes 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.

“Adega has a lot to offer all of its residents,” Brown said. “And it helps meet a need.”

USA Properties, Pinyon Group detail plans for Vintage at Marja Acres in Carlsbad

The 47-apartment community is part of a highly anticipated, mixed-use North San Diego community

USA Properties Fund and The Pinyon Group will begin construction this summer on Vintage at Marja Acres, an affordable apartment community for 55-and-older residents in Carlsbad as part of a mixed-use development.

The 47-apartment community – located near El Camino Real between Kelly Drive and Cannon Road – will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant.

Marja Acres is close to the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment. Residents can access bike lanes and public transit from Marja Acres, which is about 2 miles from Interstate 5.  

“Marja Acres is a high-quality, unique community, offering a close-knit and easy-to-get-around neighborhood with easy access to everything that Carlsbad has to offer,” said Geoff Brown, President of USA Properties Fund. “Vintage at Marja Acres will fit a range of needs of residents, whether they are working full time or retired.”

Construction on the $21 million apartment community is scheduled to start in the late summer. Leasing should begin in fall 2024.

“The Pinyon Group is excited to serve as co-developer with USA Properties Fund at Marja Acres,” said Jay Stark, Principal of The Pinyon Group. “Vintage at Marja Acres helps meet the growing need for affordable housing for seniors, while preserving community stability and offering senior residents a healthy and enjoyable lifestyle.”

‘Property will help meet a huge need for affordable housing in Carlsbad’

Carlsbad is one of the most in-demand cities in California, with an estimated five people seeking to live there for every single home, according to community leaders.

“Providing housing for all income levels and ages is a critical part of our housing plan in Carlsbad,” said Mandy Mills, who leads the City of Carlsbad’s Housing & Homeless Services Department. “Affordable housing is a huge challenge for coastal cities like Carlsbad, which is why projects like this are so important.”

The City of Carlsbad, Riverside Charitable Corporation and WNC Inc. are partners in Vintage at Marja Acres. JP Morgan Chase is the construction and permanent lender for the project.

“WNC is excited to partner with USA Properties Fund on Vintage at Marja Acres,” said Anil Advani, Executive Vice President of Originations and Finance for WNC. “The property will help meet a huge need for affordable housing in Carlsbad, one of the most supply-constrained cities in California from an affordable housing perspective.”

55-and-over affordable community

Residents at least 55 years old who earn 30% to 60% of the area’s median income for San Diego County – about $27,000 to $62,000 – are eligible for Vintage at Marja Acres.

Residents will enjoy the benefits of the apartment community and the one-of-a-kind neighborhood at significantly lower rents compared to nearby market-rate units in Carlsbad. Rents for the one-bedroom apartment community will average about $1,200, depending on the income of residents.

The three-story apartment building will include a wellness/health center and on-site laundry. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets.

Vintage at Marja Acres will also offer a range of social programs for residents.

“A prerequisite to creating safe housing for families in need of assistance is caring individuals and organizations willing to work together with the common goals of creating affordable housing and ensuring the availability of indispensable social programs that enable people to empower themselves, establish self-sufficiency, strengthen their families and help their neighborhoods to be safe, productive communities,” said Ken Robertson, President of Riverside Charitable Corporation. “RCC is proud to offer our seniors beautifully designed affordable housing and services to support their everyday lives.”

Marja Acres development pays homage to the former nursery on the property

IHP Capital Partners and KB Home are partnering in Marja Acres’ overall development. The infill community pays homage to a former nursery that once occupied the property through its name and urban farm aesthetic. The neighborhood will also include a range of amenities such as a daycare, 2,000 square feet of restaurant space, parks, a community center, a dog park and others.

“Marja Acres is a special Southern California project that offers Carlsbad residents a beautiful new home community with a lifestyle that reflects the surrounding area’s heritage and charm and coastal feel,” said Blaine Peterson, Managing Partner and Senior Vice President at IHP Capital Partners. “The development has been in the works for several years and we are excited to see this next phase where the affordable apartment component begins to take shape and come to life. USA Properties Fund and The Pinyon Group bring a strong team of skilled professionals to the project, and IHP is grateful for their expertise and partnership.”

Roseville-based USA Properties – 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.

Vintage at Maja Acres will be the second USA Properties Fund-owned and -managed apartment community in Carlsbad, joining the nearby Rancho Carrillo Apartments, and its sixth in San Diego County. USA Properties recently started construction on 8181 Allison, a 147-apartment community in downtown La Mesa about 35 miles away.

“We’re always looking at new out-of-the-box ideas and opportunities like Marja Acres, and how we can elevate our communities and the lives of residents,” said Brown of USA Properties. “Vintage at Marja Acres will be a very special community in a one-of-a-kind neighborhood.”

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.”

USAP Sage at Folsom Front | USA Properties Fund, Inc.
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.

USAP Sage at Folsom Seating Area | USA Properties Fund, Inc.

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. 

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.)

Groundbreaking IMG 8338F Photo by Melissa Jacobs 5x7 1 | USA Properties Fund, Inc.
La Mesa Mayor Mark Arapostathis
8181 Allison Crowd for Groundbreaking | USA Properties Fund, Inc.
Groundbreaking IMG 7910 Photo by Melissa Jacobs 5x7 1 | USA Properties Fund, Inc.
USA Properties Fund President Geoff Brown
Groundbreaking IMG 8373F Photo by Melissa Jacobs 5x7 1 | USA Properties Fund, Inc.
Event emcee Milo Terzich, Vice President of Development for USA Properties Fund
Groundbreaking IMG 8246 Photo by Melissa Jacobs 5x7 1 | USA Properties Fund, Inc.
Groundbreaking IMG 8248 Photo by Melissa Jacobs 5x7 1 | USA Properties Fund, Inc.
Groundbreaking IMG 8406F Photo by Melissa Jacobs 5x7 1 | USA Properties Fund, Inc.
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.”