Construction is set to begin this summer on a 47-unit affordable housing development for residents 55 and older in Carlsbad, California.
USA Properties Fund and The Pinyon Group have joined forces to build Vintage at Marja Acres, which will be part of a much-anticipated mixed-use development, Marja Acres, in the North San Diego community.
“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.”
The development is close to the beach and the popular Carlsbad Village downtown area with restaurants, shops, and live entertainment.
“The Pinyon Group is excited to serve as co-developer with USA Properties Fund at Marja Acres,” said Jay Stark, principal at The Pinyon Group. “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.”
The San Diego-Carlsbad area has one of the most severe shortages of affordable housing in the nation, with only 19 affordable and available rental homes for every 100 extremely low-income renter households, according to “The Gap: A Shortage of Affordable Homes” study by the National Low Income Housing Coalition this year.
“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’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 Corp., and WNC. are partners in Vintage at Marja Acres. JPMorgan 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.”
Residents at least 55 years old who earn 30% to 60% of the area median income for San Diego County—about $27,000 to $62,000—are eligible for Vintage at Marja Acres.
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 and 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.
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 day care, 2,000 square feet of restaurant space, parks, a community center, a dog park, and more.
The new project will be the second apartment community in Carlsbad owned and managed by USA Properties Fund, joining the nearby Rancho Carrillo Apartments, and its sixth in San Diego County.
“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. “Vintage at Marja Acres will be a very special community in a one-of-a-kind neighborhood.”
