USA Properties Fund has started construction of a $67 million apartment building in La Mesa targeting low-income and middle-income families and individuals.
Named Allison for its address at 8181 Allison Ave. at the southeast corner of Allison Avenue and Date Avenue, the 136,560 -square-foot project will have 147 apartments.
The apartments in the four-story building are meant for households with annual incomes of 30% to 70% of the area median income, which equates to about $29,000 to $82,000.
“It’s a development that checks the boxes in so many ways, from providing affordable housing to cost-effective and environmentally friendly options for getting around the community,” said Geoff Brown, president of USA Properties Fund, which is based in Roseville.
“The location is fabulous in terms of access to transportation, access to services, whether that’s government services or retail, supermarket or pharmacy stores, all within walking distance and you’re very close to the freeway to where your employment may be,” Brown said. “This is right in the heart of La Mesa.”
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Allison will have a mix of one-bedroom, one-bathroom apartments and two-bedroom, two-bathroom apartments. Monthly rents will range from about $700 to $1,675 for one-bedroom apartments and $835 to $2,000 for two-bedroom apartments.
“This community, it will feel like a market-rate community but it will be affordable,” Brown said.
Amenities will include a fitness center, computer stations, 117 parking spaces, electric vehicle charging stations, a community room with a kitchen, laundry rooms, energy efficient appliances and light fixtures, ceiling fans in the apartments, and low-flow faucets, showers and toilets.
Residents also will have access to social services such as financial planning and job searches.
The project differs from many affordable housing projects by targeting a range of income levels.
“When you tier the income, that creates more people eligible to live there,” Brown said.
Likely tenants include auto mechanics, home health aides, teachers, police officers, government workers and people who work in restaurants, grocery stores and retail shops, Brown said.
USA Properties is building Allison in a public-private partnership that includes the California Housing Finance Agency, the City of La Mesa which contributed the nearly 1.3-acre site, Key Bank Community Development Lending and Investment and WNC.
“The City of La Mesa is thrilled that this project, which has been in the works for many years, has become a reality,” said City Manager Greg Humora.
The Housing Finance Agency issued tax-exempt bonds and subsidy loans for the project. Key Bank provided a $42.78 million construction loan.
“We are building more than apartments, we are establishing homes and developing neighborhoods, but most importantly, we are providing financial and housing stability and opening the door to more opportunities for residents,” Brown said.
USA Properties has six apartment projects in San Diego County, including Vintage Marja Acres Senior Apartments that is scheduled to start construction in Carlsbad later this year. That project includes 47 apartments earmarked for low-income seniors.
“We think the San Diego area is a great area and there’s a huge need for affordable housing. All of our communities in San Diego are full, with a waiting list,” Brown said. “We’re hoping we can find more opportunities down there.”
USA Properties Fund
President: Geoff Brown
Business: Affordable housing development
Notable: USA Properties Fund has built or acquired and renovated more than 13,500 apartments in more than 100 projects throughout California and Nevada.