Meta Housing Corp. Completes $32.4M Seniors Housing Community in San Clemente
- Sep 18, 2014
San Clemente, Calif.—Meta Housing Corp. has completed Cotton’s Point Senior Apartments, a $32.4 million affordable housing community for seniors aged 62+ in the seaside community of San Clemente, Calif.
The community began leasing in June of 2014, and is currently 95 percent occupied.
“Meta’s mission is to deliver life-enhancing apartment communities to the cities we serve,” Tim Soule, Meta Housing Corporation’s senior project manager, tells MHN. “Cotton’s Point is consistent with that mission, as it couples robust resident services with abundant, richly-furnished community spaces.”
Located at 2358 N. El Camino Real, Cotton’s Point Senior Apartments consists of 76 units and was designed by YM Architects. It includes two community rooms, a meeting room, fitness room and tech room area. Amenities also include numerous seating areas, a putting green, BBQ’s and a decorative fountain.
Additionally, residents of Cotton’s Point Senior Apartments have access to a variety of free classes and services.
“Cotton’s Point is centered around a large furnished and tastefully landscaped courtyard, which promotes the community’s interaction within the courtyard-adjacent community rooms,” Soule says. “These community spaces are actively employed by leading older adult services provider, engAGE, whose services and activities have helped create a community rich with learning, wellness and creativity.”
According to Soule, San Clemente is known for its pleasant climate, ocean, hill and mountain views, making it a perfect site for an older adult community.
“Residents of Cotton’s Point find the deeply affordable rents very appealing, but also have been drawn to the property by its stunning Spanish Colonial-style architecture, ocean views, and robust site amenities,” Soule says. “The need for affordable senior housing in South Orange County is acute, as seniors on fixed incomes have few attractive affordable housing choices. The 1,200 household project interest list is a testament to the demand for affordable senior housing in San Clemente.”
Public sector financing for the new development was provided by the City of San Clemente, which contributed $3.016 million to the project; the County of Orange, which contributed $1.654 million; the Mental Health Services Act (MHSA) program, which contributed $1.622 million; the State of California Multi-Housing Program (MHP), which provided $5.480 million; and the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP), which provided $760,000.