USA Properties Fund has started construction on two apartment communities, creating a mixed-income, multigenerational development that will provide 311 homes in Simi Valley, California.
The almost 13-acre development will include The Landing at Arroyo, a market-rate apartment community with a long list of amenities, and Vintage at Sycamore, an affordable senior community with features for residents at least 62 years old.
The high-profile project, located on the former Rancho Simi Recreation and Park District’s headquarters, offers easy access to the 118 Freeway, shopping centers, restaurants, a hospital, public schools, and parks.
“This is highly sought-after land, it’s an excellent location,” said Geoff Brown, president of USA Properties Fund in Roseville. “We’ve been working closely with the city of Simi Valley for several years, and we share a commitment of providing quality housing that meets the needs of residents.”
The Landing at Arroyo and Vintage at Sycamore are next door to each other but separate projects. However, the combined six three-level buildings will look the same to people passing by on the street.
Together, the two projects cost $114 million and will be one of USA Properties’ largest developments.
“You won’t be able to tell the affordable and market-rate buildings apart,” said Jatin Malhotra, acquisitions manager for USA Properties. “Both will complement the neighborhood and expand USA’s footprint in a highly desired community.”
Filling a Need
Simi Valley, like many California communities, is dealing with a critical shortage of housing that has been exacerbated by the development of few midsized to large multifamily projects during the past decade, especially for low-income seniors, according to officials.
“We anticipate these two apartment communities to be a welcome answer to many of the housing needs in our community,” said Simi Valley City Council member Elaine Litster, whose district includes the neighborhood. “Simi Valley is experiencing a greater need for senior housing, particularly affordable housing. Vintage at Sycamore is filling a need and providing beautiful, new housing for our deserving seniors.”
The Area Housing Authority of the County of Ventura County contributed a $3.5 million subsidy for the 99-apartment development.
The property will serve seniors earning 50% or 70% of the area’s median household income—about $45,200 and $63,300, respectively. Vintage at Sycamore, which offers one-bedroom units, will rent for $1,059 to $1,483 per month, depending on income.
The $32 million community will include a clubroom; a fitness center; a computer center with Wi-Fi and printers; a pool; an outdoor seating area with barbecues; and a pet area. Apartments will feature energy-efficient appliances, a patio or balcony, and laundry rooms on each of the three floors.
USA Properties, one of the largest affordable community developer-builder-managers in the West, expects to complete construction on Vintage at Sycamore in late 2021.
The 212-unit Landing at Arroyo will follow with a late 2022 completion.
Developers say the property will have “resort-like” amenities. It will feature a clubhouse with a kitchen, a fitness center, a game room, a large saltwater pool and a spa with cabanas, outdoor dining areas with fire pits, a child play area, a dog wash station, an outdoor exercise area, a locker room for packages, and private garages.
The one- to three-bedroom apartments will feature stainless steel appliances; kitchen islands; in-unit washers and dryers; high-end flooring; and private balconies with a storage closet.
USA Properties partnered with Century Housing, East West Bank, and Gables Residential on the $82 million project.
“Together, the apartment communities will showcase what’s possible with the right opportunity and partners,” Brown said. “And we will continue to look for similar projects, where we can continue to help meet the ever-increasing need for housing in California.”