JEMCOR Breaks Ground on $60M CA Property
- Apr 02, 2018
JEMCOR Development Partners has broken ground on Ageno Apartments, a $60 million mixed-income, transit-oriented development in Livermore, Calif. The community is the final construction phase in the master-planned Vineyard Crossing, a 34.5-acre community comprising 465 single-family homes, townhomes and apartments, originally entitled by SummerHill Homes and built by KB Homes. Construction is expected to take about 22 months, with lease-ups beginning in the summer of 2019.
The firm acquired the five-acre site for Ageno in 2016 from SummerHill and worked to meet the inclusionary housing requirement for the community by incorporating affordable units within the 171-unit design. The original plan called for 15 percent of the total units to be affordable, but JEMCOR opted to increase that to 20 percent. This allowed the company to utilize specialized financing that includes low-income housing tax credit equity, tax-exempt bond proceeds and a $45 million first-of-its-kind construction-to-permanent loan from Citi Community Capital in conjunction with Freddie Mac’s LIHTC Enhancement program. Upon completion, the community will offer 35 permanently affordable apartments to families earning up to 50 percent of Alameda County’s area median income.
Inside Look at Ageno
Designed by KTGY Architecture + Planning, the project will comprise four, three-story buildings and a clubhouse. Apartments will be offered in one-, two- and three-bedroom floorplans with interior features such as ENERGY STAR appliances, low-flow faucets and toilets, storage closets, energy-efficient lighting and walk-in closets. The community will also incorporate several green features like solar photovoltaic systems covering the energy usage in common areas and drought-tolerant landscaping. Residents will have access to amenities such as:
- fitness center
- outdoor barbecue areas
- swimming pool
- green space
- connection to two neighborhood parks
- pedestrian paths
- parcel lockers and delivery services
- 282 covering parking spaces
“Our vertical integration allows us to control costs and make quick decisions regarding design or the use of certain products or materials that help ensure we are being as efficient as possible with the dollars available for a development,” Jonathan Emami, president of JEMCOR Development Partners, told Multi-Housing News. “Of course, savings helps with financing, but we also like to put that savings back into improving the useful life for the building as well as the resident experience.”
Alliant Capital Ltd. syndicated the tax credit equity, Pacific Housing Inc. and Lyon Street Interests are partners on the project, and JEMCOR Construction Partners Inc. is serving as general contractor. FPI Management will provide leasing and property management services.
The Ageno Apartments are within close proximity to the Dublin Bay Area Rapid Transit (BART) station and the Altamont Corridor Express Vasco Road commuter rail station, offering access to Silicon Valley’s Pleasanton, Santa Clara, Fremont and San Jose.
Rendering courtesy of JEMCOR