Joint Venture Looks to Improve Neighborhood Vitality
- Jun 17, 2015
Torrance, Calif.—Meta Housing Corp. and Synergy Community Development Corp. have completed the Cabrillo Family Apartments, a mixed-used, affordable/workforce property in Torrance, Calif., in Los Angeles County. The community includes 44 residential units and about 3,700 square feet of ground-floor retail.
Located at 1640 Cabrillo Ave., the apartments include one-, two- and three-bedroom floor plans. Common amenities include private balconies and a 7,580 square-foot courtyard, as well as a community room, classroom and recreational deck.
The building is three stories high along the front of Cabrillo Ave. and four stories high along the alley towards the rear of site. The goal of the project, besides providing affordable housing, is to improve the vitality of the surrounding neighborhoods through the cohesion of residential and retail space, according to Meta Senior Vice President Aaron Mandel.
Bank of America Merrill Lynch acted as the tax credit investor and provided construction financing for the project, for a combined total of nearly $23 million. Additional financing came from the City of Torrance, and the California Community Reinvestment Corp.
The property was built to LEED Gold certification standards. To complete the project, the developers replaced an existing vacant commercial building on the site.