USA Properties Opens $104M Affordable Community
This Sacramento-area development includes more than 250 units.
USA Properties Fund has officially opened Terracina at Whitney Ranch, a $104 million, 288-unit affordable community in Rocklin, Calif., marking its first project in the city. Construction kicked off in 2022.
California Municipal Finance Authority issued $68 million in bonds with Bank of America as trustee in 2022, according to Yardi Matrix data. Additional funds included LIHTC equity and a permanent loan from City Community Capital. No local or state subsidies were dispensed for the project’s construction.
Terracina at Whitney Ranch encompasses one- to three-bedroom floorplans ranging from 539 to 976 square feet spread throughout 12 buildings. Half of the units are reserved for residents earning up to 70 percent of the area median income, while the remaining apartments are restricted for households earning up to a mix of 60, 50 and 30 percent of AMI.
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Located on nearly 12 acres at 801 University Ave., the community is just 8 miles from USA Properties Fund’s headquarters in Roseville, Calif., and about 27 miles northeast of downtown Sacramento. Several parks and schools are within walking distance.
Amenities consist of a 4,000-square-foot clubhouse comprising a community room, gym, swimming pool, courtyard, tot-lot play area, as well as a dog park and EV charging stations.
USA Properties has developed, acquired and rehabilitated more than 13,500 units—including apartments catering to seniors—throughout upward of 100 communities in California, Nevada and Oregon.
Recently, the company teamed up with Irvine Community Land Trust to redevelop a 69,870-square-foot office building into a roughly 150-unit affordable project. ICLT acquired the asset at 2400 Barranca Parkway in Irvine, Calif., for $26.5 million before partnering with USA Properties.
Metro Sacramento’s sizeable affordable pipeline
Greater Sacramento holds the third-highest percentage of cost-burdened renters in California with nearly three out of every five residents spending at least 30 percent of their income on housing, according to the Joint Center for Housing Studies of Harvard University.
Efforts to combat the affordability issue are in full swing. Last year, developers delivered more than 1,400 units inside fully affordable metro Sacramento communities—a figure more than doubling 2023’s count of about 600—Yardi Matrix data shows.
The market’s pipeline still held nearly 4,300 units underway in fully affordable projects as of February, the data provider reveals. Of these, about 2,700 are slated to come online this year, should market conditions hold.
USA Properties just expanded metro Sacramento’s affordable pipeline with another project dubbed The Crawford. Development costs for the 265-unit development at the intersection of Fiddyment Road and Harvey Way in Roseville, Calif., added up to $112 million. Construction began this week.
