Google Invests in ROEM Corp.’s New Affordable Community
Mountain View, Calif.—ROEM Corp., in partnership with the City of Mountain View, Calif., announced the grand opening of Franklin Street Family Apartments, a $23.4 million affordable apartment community. Through its syndicator, AEGON USA Realty Advisors Inc., Google has invested $6.5 million in equity into the community, plus a grant of $81,859 for computer equipment and free Internet access for residents.
Franklin Street Family Apartments includes a three- and four-story “C” shaped residential building. There are 51 one-, two- and three-bedroom apartments to families earning 50 percent or less of the Santa Clara County Area Median Income. Additionally, there are 92 parking spaces. The community is also located near public transportation.
Amenities include a computer center with free Wi-Fi, both of which are sponsored by Google; a library, a community room, a fitness room, a tot lot and a barbeque area. Residential services include computer classes, ESL classes and resident events.
The community is also built to be green. Franklin Street Family Apartments includes photovoltaic panes, water and energy-efficient appliances and transit passes for residents.
Franklin Street Family Apartments was financed by 4 percent Low-Income Housing Tax Credits, with financial support from the City of Mountain View, Google and Citi Community Capital. The architect is KTGY Group Inc. and the general contractor is ROEM-ICON Contracting Group Inc.
“Our investment in Franklin Street Family Apartments is helping to create 51 new affordable housing units for families,” Kojo Ako-Asare, head of Google’s corporate finance team, says. “Mountain View has been a wonderful home to Google, so we couldn’t be more thrilled to help others make this community their home as well. Google remains committed to supporting affordable housing options in areas that allow for use of alternative transportation.”
The community is already 100 percent occupied.Tags: affordable housing, Financing, Google, New Development, of Franklin Street Family Apartments, ROEM Corporation