Roseville Company Partners in $39 Million Apartment Community
A new affordable community for families will offer much-needed housing and numerous features often only found in more expensive rental housing in Silicon Valley, including a community room, computer learning center, fitness area and underground parking.
Based in Roseville, USA Properties Fund Inc. debuted the Mayfair Court - a 93-unit apartment community at 65 McCreery Avenue in San Jose on March 6.
USA Properties Fund partnered with The Central Valley Coalition for Affordable Housing and The Pacific Companies on the $39 million project. Chase Community Development Banking provided $22 million in construction lending, and $5.2 million in permanent funding. The bank is helping sponsor the grand opening.
The 1.44-acre in-fill project is close to freeways, shopping centers, schools and public transportation.
"The completion of the Mayfair community will revamp and continue the forward progression of a thriving community," said San Jose City Councilman Xavier Campos, whose district includes Mayfair. "The residents of Mayfair have long awaited an affordable housing development. Affordable housing was missing in Mayfair and I am proud to fill the void with a high-quality product. This is a perfect example of smart growth using existing infrastructure. With the completion of this project, we will see an influx in the utilization of the surrounding shopping centers as well as the use of public transportation."
Mayfair Court features two-bedroom/two-bath and three-bedroom/three-bath apartments for families who earn 50 percent or less of the median income in Santa Clara County. For example, a family of four could earn up $50,650 per year.
Rents range from $663 to $1,129 for a two-bedroom apartment and $763 to $1,301 for a three-bedroom unit. The monthly rent range depends on a family's annual income.
"We are extremely proud of this project," said USA Properties President Geoff Brown. "It's taken a lot of hard work from the city, our partner, contractors and vendors. But it's been well worth the effort. We have built a first-rate, high-quality community that will help many families and the community."
The four-story building is above the underground parking, which allows more space for housing units. The project, complete with Spanish tile roofing and stucco, includes wood and wrought iron accents.
A 2,765-square-foot community room includes kitchen facilities, computer learning center and a fitness area
Mayfair Court has a central laundry facility, a mail room and storage facilities on each floor.
The community features 56 two-bedroom apartments and 37 three-bedroom units, including five handicap accessible units. The 950- to 1,054-square-foot apartments include free Internet access, refrigerators, exhaust fans, dishwashers, disposals and microwaves. Each apartment will have either a balcony or patio that overlooks courtyards or landscaped streetscapes.
"The commitment and the collaboration the City of San Jose had with USA Properties Fund, The Central Valley Coalition for Affordable Housing and The Pacific Companies on the $23 million project should be commended," said City Councilman Campos, who also thanked the Mayfair Neighborhood Association and the Calderon Family for their community leadership during the project. "I am proud to say that we all had a hand in a project that will benefit the Mayfair community."
USA Properties, one of the largest affordable multifamily housing developers in the West, is actively looking for property and/or partnering opportunities with other builders on affordable multifamily housing inclusionary deals in the Bay Area.
ABOUT USA PROPERTIES 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 12,000 units of family and senior apartments in about 89 communities throughout California and Nevada. For more information, please visit www.usapropfund.com.
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