A 60-unit affordable housing community has opened in the heart of the Irvine Business Complex in Southern California.
Cartwright Family Apartments serves households earning between 30% and 80% of the area median income, with a portion of the units set aside for veterans. There’s also a leasing preference for current Irvine residents or people employed by the city.
“This new community provides for a wide range of opportunities for families. We know how expensive housing can be and by providing affordability these individuals and families will benefit from Irvine amenities including an outstanding school district. We hope Cartwright is a launchpad for their future,” said Todd Cottle, principal, C&C Development, which partnered with Riverside Charitable Corp. on the project.
Designed by KTGY, Cartwright Family Apartments encompasses a single four-story residential building with a mix of 15 one-, 17 two-, and 28 three-bedroom units designed to feel luxurious with contemporary architecture and elevated amenities. The design features private resident balconies and warm wood-grained siding material to create visual variation in the building’s facade, while spacious units make residents feel at home inside.
The building stands in a horseshoe shape around a courtyard with a pool, a barbecue pavilion, a tot lot, and active and passive space throughout the property. Additional common amenity space includes bike storage, a community room with a kitchen, a computer room, a laundry room, a leasing office, and a supportive services manager office.
Financing sources for the $43 million development include the city of Irvine and Orange County, with construction financing provided by Bank of America, permanent financing provided by Citi Community Capital, and low-income housing tax credit equity provided by National Equity Fund and Bank of America. Other public partners include the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee.
C&C has more than 40 affordable housing communities in its Southern California portfolio.