Danco to Build $146M LA-Area Affordable Housing
Vendra Gardens will encompass 200 units in Ventura County.
Danco has purchased an 18-acre developable parcel for the construction of Vendra Gardens, a 200-unit affordable housing community in Moorpark, Calif. Essex Property Trust sold the site, while approximately 6 acres were provided to the city of Moorpark. Lee & Associates LA North/Ventura Associate Matt Benwitt and J.C. Martin brokered the transaction for the buyer.
California Debt Limit Allocation Committee provided financing through tax credits, with a grading permit issued. The estimated value of the project is around $146 million. Upon completion, 65 percent of units will be designated for residents earning between 30 and 60 percent of the area median income.
New affordable housing in Ventura County
Vendra Gardens will encompass nine structures which will include a 2,500-square-foot leasing building, a 2,500-sqaure-foot amenity building and one-, two- and three-bedroom apartments. Common-area amenities will encompass a swimming pool, a clubhouse, a fitness center, laundry facilities, enclosed garages and approximately 400 parking spaces.
The site is located at 150 Casey Road, in the San Fernando Valley – Ventura County market. The site is near the intersection of Route 23, Route 118 and Los Angeles Avenue, which provide direct access throughout metro Los Angeles. The community will rise in an area with several retail centers, dining options and entertainment venues. Walnut Canyon School, Moorpark City Library, Moorpark City Hall and Pointdexter Park are within walking distance.
The project has three primary design components: resident support services, affordable workforce/family housing and physical exercise opportunities. The site and building configuration were designed with focus on public interactions and the safety and security of residents. The community will have several outdoor public spaces, while sustainability will be integrated into the project’s structure.