Roseville Company Buys Yorba Linda Apartment Community
YORBA LINDA - USA Properties Fund Inc. headquartered in Roseville has acquired Victoria Woods Senior Apartments, a 125-unit affordable senior housing community in Yorba Linda in northern Orange County.
USA Properties - which has more than 75 communities in California and Nevada, including four in Orange County -- will begin an extensive renovation of Victoria Woods.
The community - soon to renamed Vintage at Stonehaven -- is located at 5303 Stonehaven Drive in Yorba Linda, near major freeways, access to public transportation, several large shopping centers and retailers, including Costco Wholesale and Trader Joe's.
The apartments are available to low-income seniors at least 55 years old who earn 40 percent to 60 percent of the area median income for Orange County.
"The community offers affordable housing for low-income seniors while allowing them to keep up with their busy lifestyle, whether it's shopping or getting around Southern California," said USA Properties Fund President Geoff Brown. "This was a great opportunity for the company, and we are looking forward to making it an excellent experience for our residents."
Victoria Woods features 100 one-bedroom, one-bath apartments and 25 two-bedroom, one-bath units. The one-bedroom apartments are 585 square feet, while the two-bedroom units offer 753 square feet.
The community has seven two-story apartment buildings and a clubhouse/leasing office. Victoria Woods has a recreation building, which features a clubhouse with a kitchen, TV room, billiards room, activity center, laundry, restrooms, and a leasing and manager's office. Other on-site amenities include a swimming pool, spa, barbecues, small gardening area, horseshoe pit and mini storage. Other amenities include a pool and spa area and two common laundry rooms. The gated community has 134 parking spaces - 46 carports and 88 open parking spaces.
Victoria Woods, which was built in 1997, will undergo an extensive renovation, including new appliances, ceiling fans, entry and interior doors, garbage disposals, and repairs and energy-efficient upgrades to electric fixtures, bathroom plumbing fixtures, air conditioning, heating systems and hot water heaters in apartments. Renovating the clubhouse and new exterior paint, lighting and pool fixtures are also planned. About $25,500 per unit is budgeted for renovation.
With the purchase, Victoria Woods will become a LifeSTEPS community. The Fair Oaks-based nonprofit provides educational and support services to empower residents with the skills, resources and support they may need to maintain stable housing and break the cycle of poverty.
LifeSTEPS services for seniors include confidential case management and mediation, computer, exercise, music, arts and crafts classes. Social events include local field trips, travel presentations, writing groups and even volunteer programs. The nonprofit also offers health-related activities, such as on-site flu shots and information sessions on Medicare and Medicaid.
"Our communities are more like neighborhoods, where residents know and help each other," Mr. Brown said. "LifeSTEPS and USA Properties are part of that community."
ABOUT USA PROPERTIES FUND INC.
USA Properties Fund Inc. (USA), a California corporation, is a privately owned real estate development organization specializing in the creation of outstanding senior and family communities. Founded in 1981 and headquartered in Roseville, USA Properties Fund provides a full range of capabilities for community development, including financing, development, construction services, rehabilitation and property management. Our values, leadership and team structure reflect our success with the development/construction and acquisition/rehabilitation of more than 11,000 units of family and senior apartments in more than 75 communities throughout California and Nevada. For more information, please visit www.usapropfund.com.
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