Red Tail JV Debuts SoCal Affordable Property
Rancho Las Bolsas came online within a market-rate community.
A partnership between Jamboree Housing Corp., the County of Riverside and Red Tail Multifamily Land Development has officially opened Rancho Las Bolsas, an affordable housing community encompassing 55 units in Temecula, Calif.
Jamboree constructed the project within Arrive Temecula, Red Tail’s 192-unit market-rate community that debuted late last year. Integrating affordable properties within market rate developments has proven to improve neighborhood quality, enhance housing conditions and promote a greater social and economic inclusion.
Rancho Las Bolsas’ apartments cater to residents earning between 30 and 60 percent of the area median income. Additionally, 26 Section 8 vouchers are available for households earning no more than 30 percent of AMI.
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The income-restricted community consists of three Spanish Colonial-style buildings located at 43519 W. Ventana St., about halfway between San Diego and San Bernardino, Calif. A duck pond and a 315,000-square-foot shopping center are within walking distance.
Rancho Las Bolsas comprises one- to three-bedroom floorplans ranging between 645 and 1,027 square feet. Common-area amenities include a playground, community center and computer room, as well as Arrive Temecula’s swimming pool and gym.
Jamboree partnered with Riverside University Health to provide supportive services such as adult education, skill-building classes, after-school programs, as well as health and wellness assistance.
Funding for the project included $6.4 million from the California Department of Housing and Community Development’s No Place Like Home program, secured through the Housing Authority of the County of Riverside and Riverside County Behavioral Health. The last two also allocated the Section 8 vouchers from HUD.
U.S. Bank contributed with additional financing in the form of a $29 million construction loan and $21.8 million in LIHTC equity. Lument also issued a $4.4 million Freddie Mac note.
Affordable deliveries ramp up in the Inland Empire
Developers completed two fully affordable Inland Empire communities totaling more than 190 units during the first three months of the year, according to Yardi Matrix data. The figure nearly doubles the average quarterly income-restricted completions dating back to 2023.
The area still had nearly 1,800 affordable units underway as of April, the data provider shows. Should market conditions hold, 452 units in such housing completions are expected this year.
