Haskell Begins Construction on Senior Apartments in Alhambra, Calif.
- Apr 14, 2010
Jacksonville, Fla.–The Haskell Company has begun construction on 50 apartment homes at Atherton Baptist Homes, a senior residential community located in Alhambra, Calif. Haskell designed the new development, known as The Courtyard, to consist of 50 independent living apartments.
The development includes an underground parking structure, which will contain 95 parking spaces. Upon completion, The Courtyard will provide 91,700 square feet of living space in the apartment homes, and 37,208 square feet in the parking garage. The total cost for the project is $23 million and was funded by tax-exempt bonds.
Tax-exempt bonds are available for nonprofit organizations in the senior living community. The city of Alhambra sponsored the bonds, which are a very common form of financing for communities such as Atherton.
Paul Tyler, president of Haskell’s Commercial Group, says, “Today’s seniors are more savvy and know that they want in a community. We see a heightened interest in wellness programs that incorporate a holistic approach, such as the Six Dimensions of Wellness program. Atherton incorporates this approach at the community by offering a variety of interactive classes and programs, such as Tai Chi, Yoga, Water Aerobics, music classes, and faith-based programs. Atherton also collaborates with the UCLA to offer life-long learning courses and degrees for its residents.”
Construction on The Courtyard is scheduled to be completed in 13 months. Located on Atherton’s 15-acre campus, The Courtyard’s design incorporates many of the area’s influences, featuring open breezeways and an open center courtyard with fountains, pergola, and walking paths. The project is comprised of four buildings; three of the four buildings are three-story, and the remaining building will be two-story. All units are designed as single-floor units, eliminating the need for residents to worry about multi-floor units. The new development will complement Atherton’s campus amenities, which include an on-site coffee shop, restaurants and dining facilities, beauty salon, indoor swimming pool and spa, fitness center, chapel, game room, workshop and library.
Units at Atherton are based on what is known as an entrance fee model, which is a one-time entry fee to the community, as well as monthly payments that vary depending on unit size, location and number of inhabitants. 90 percent of the entrance fee goes back to the individual buyer or their estate should they move out or leave the community. Based on the entrance fee model, units at Atherton are priced from the mid-$200,000s and up.