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.”