Affordable Seniors Project Completed in Sacramento
- Aug 16, 2013
Sacramento—The Arbors at Oak Park, a 55-unit seniors apartment property in the Oak Park neighborhood of Sacramento, has opened its doors. All of its units are one-bedroom units, and all are restricted to senior households (55-plus) with incomes between 30 percent and 50 percent of area median income.
Related California developed the Arbors at Oak Park. The Sacramento Housing and Redevelopment Agency provided affordable housing gap financing for the development, while Union Bank of California provided low-income housing tax credit equity and construction debt financing.
The property includes a club room, lounge, media center, business center and fitness center. It also features about 3,700 square feet of street-level commercial space for retail. Architecture firm Mogavero Notestine designed the Arbors at Oak Park, and Barry Swenson Builders was the general contractor.
The property was built to “Build It Green” standards. Build It Green is a northern California nonprofit that works with building and real estate professionals, local and state governments, and homeowners to increase awareness and adoption of green building practices.
This is the first Sacramento project for multifamily specialist Related California, which develops both market-rate and affordable housing. All together, the company has completed about 9,200 residential units throughout the state.