A Community of Friends has broken ground on Oasis Senior Villas, a 95-unit affordable senior community in Riverside, Calif. The firm has partnered with R. D. Olson Construction and DE Architects to construct the property slated for completion by summer 2023. Half of the units are set aside for unhoused seniors living with mental health issues.
Bank of America N.A. provided a $28.7 million construction loan, Riverside County records show. Additional subordinate financing includes $2 million from the city of Riverside and $1.3 million from Bank of America California.
Oasis Senior Villas is set to encompass two four-story buildings and will offer a mix of one- and two-bedroom units. Community amenities are planned to include a bocce court, fitness center, computer room and conference room. The property will pursue LEED Gold Certification.
Located at 2340 14th St., the 131,987-square-foot community will be less than a mile of Highway 91, offering easy access to Los Angeles. Bordwell Park will also be less than a mile east of the property, while Victoria Club, one of California’s longest-standing golf clubs, will be 1 mile south.
Last month, R.D. Olson Construction broke ground on yet another affordable community in California—the 142-unit Stony Oaks Apartments in Santa Rosa. This property will deliver in April 2023.