Category: Press Release

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.”