Combined $114 million development will provide mixed-income, multigenerational housing near freeways, shopping, schools and health care providers
USA Properties Fund has started construction on two apartment communities in Simi Valley, creating a mixed-income, multigenerational development that will provide 311 much-needed homes to residents.
The almost 13-acre development will include The Landing at Arroyo – a market-rate apartment community with a long list of amenities – and Vintage at Sycamore, an affordable senior community with numerous features for residents at least 62 years old.
The high-profile project, located on the former Rancho Simi Recreation and Park District's headquarters at 1692 Sycamore Drive, offers easy access to the 118 (Ronald Reagan) Freeway, shopping centers, restaurants, a hospital, several public schools and parks.
“This is highly sought-after land, it's an excellent location,” said Geoff Brown, President of USA Properties Fund in Roseville. “We've been working closely with the City of Simi Valley for several years, and we share a commitment of providing quality housing that meets the needs of residents.”
USA Properties Fund already owns and manages the Las Serenas and Vintage Paseo apartment communities in Simi Valley, and has a long-standing relationship with the city. The city held numerous public hearings on the combined $114 million Landing at Arroyo-Vintage at Sycamore project in recent years.
“We chose USA Properties because of its positive history with the city, as well as its willingness to provide much-needed affordable housing for our senior community,” said Simi Valley Mayor Pro Tem Dee Dee Cavanaugh, who was then a director on the Rancho Simi Recreation and Park District Board. “Now, as a member of the City Council, I have the unique opportunity to be involved on the design and building side, and will see this development to its completion.
The Landing at Arroyo and Vintage at Sycamore are next-door to each other but separate projects. However, the combined six, three-level buildings will look the same to people passing by on the street.
“You won't be able to tell the affordable and market-rate buildings apart,” said Jatin Malhotra, Acquisitions Manager for USA Properties. “Both will complement the neighborhood and expand USA's footprint in a highly desired community.”
‘A welcome answer to many of the housing needs in our community'
Simi Valley, like many California communities, is dealing with a critical shortage of housing that has been exacerbated by the development of few mid-to-large multifamily projects during the past decade, especially for low-income seniors.
“We anticipate these two apartment communities to be a welcome answer to many of the housing needs in our community,” said Simi Valley City Council Member Elaine Litster, whose district includes the neighborhood. “Simi Valley is experiencing a greater need for senior housing, particularly affordable housing. Vintage at Sycamore is filling a need and providing beautiful, new housing for our deserving seniors.”
The Area Housing Authority of the County of Ventura County contributed a $3.5 million subsidy for Vintage at Sycamore, a 99-apartment community for seniors.
“It's no secret there is an extreme lack of affordable housing opportunities in our local communities,” said Michael Nigh, Executive Director of The Area Housing Authority of the County of Ventura. “Vintage at Sycamore will add much-needed units to the inventory of affordable housing units for low-income seniors in Ventura County.”
The apartment community is for seniors earning 50% or 70% of the area's median household income – about $45,200 and $63,300, respectively. Vintage at Sycamore, which offers one-bedroom units, will rent for $1,059 to $1,483 per month, depending on income.
Despite being affordable, the $32 million apartment community has numerous features, including those often only found at higher-priced market-rate properties. Vintage at Sycamore will include a clubroom; fitness center; a computer center with wi-fi and printers; a pool; an outdoor seating area with barbecues; and a pet area. Apartments will feature energy-efficient appliances, a patio or balcony, and laundry rooms on each of the three floors.
USA Properties, one of the largest affordable community developer-builder-managers in West, expects to complete construction on Vintage at Sycamore in late 2021.
‘Resort-like' living next-door at Landing at Arroyo
Landing at Arroyo will look like Vintage at Sycamore from the street, but it's a much-different and larger community than its next-door neighbor.
“This is definitely a high-end community,” Malhotra said. “It will cater to a range of residents, from single professionals that commute to downtown Los Angeles to families that want to live in an excellent neighborhood in one of the safest cities in the state.”
The 212-apartment Landing at Arroyo offers an impressive list of “resort-like” amenities, including a clubhouse with a kitchen; fitness center; game room; large saltwater pool and spa with cabanas; outdoor dining areas with fire pits; child play area; dog wash station; outdoor exercise area; locker room for packages; and private, enclosed garages.
The one- to three-bedroom apartments will feature stainless steel appliances; a kitchen island; an in-unit washer and dryer; high-end flooring; and a private balcony with a storage closet.
Landing at Arroyo should be completed in late-2022.
USA Properties partnered with Century Housing, East West Bank and Gables Residential on the $82 million project.
“The Landing at Arroyo will provide new housing for families, young professionals and the many who desire to live in our safe, welcoming community,” Council Member Litster said. “It is surrounded by wonderful neighborhoods, schools and other amenities. And the nearby Arroyo is a great place to walk, bike and recreate.”
The Vintage at Sycamore and The Landing at Arroyo development will be one of the largest-ever-projects for USA Properties. The 40-year-old company has apartment communities in California and Nevada, and entered the market-rate industry in 2015.
“Together, the apartment communities will showcase what's possible with the right opportunity and partners,” Brown said. “And we will continue to look for similar projects, where we can continue to help meet the ever-increasing need for housing in California.”