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.