The affordable apartment community for 55-and-over residents in a mixed-use development is possible thanks to a public-private partnership
USA Properties Fund and The Pinyon Group have opened Vintage at Marja Acres, an affordable apartment community for 55-and-older residents in a mixed-use development in Carlsbad.
The 47-apartment community – located at 4660 Garden Hill Loop, just off El Camino Real and south of Kelly Drive – is part of the new Marja Acres neighborhood that includes townhomes and a community park. More than 50 people attended a grand opening for the apartment community on March 19.
Marja Acres is close to the beach, the Carlsbad Village downtown area with restaurants and shops, several large shopping centers, health care providers, numerous parks and nature preserves, and the Legoland California Resort. Residents enjoy easy access to bike lanes, public transit and Interstate 5, about 2 miles away.
“Vintage at Marja Acres is a one-of-a-kind community, offering affordable housing close to everything that Carlsbad has to offer,” said Geoff Brown, President of USA Properties Fund. “The community meets a wide range of needs for residents, whether they are working full-time or retired and living on a fixed income.”
Vintage at Marja Acres offers affordable housing in a county where almost three of every five (57%) renters are considered cost-burdened, spending at least 30% of their household income on rent, one of the highest percentages in California and the U.S., according to the Joint Center for Housing Studies of Harvard University.
“The Pinyon Group is excited to serve as co-developer with USA Properties Fund at Marja Acres,” said Jay Stark, Principal of The Pinyon Group. “We are thrilled to welcome the new senior residents at Marja Acres and do our part to provide affordable housing in the City of Carlsbad.”
Vintage at Marja Acres is possible thanks to a public-private partnership that also includes the City of Carlsbad, Riverside Charitable Corporation and WNC Inc. JPMorganChase is the construction and permanent lender for the $21 million project.
“Ensuring that everyone has access to safe and affordable housing is a top priority for our city,” said Carlsbad Mayor Keith Blackburn. “Affordable housing is especially crucial for our 55-and-older residents, as rising costs continue to be a challenge. Projects like this help make it possible for them to continue to call Carlsbad home.”
Affordable with first-rate amenities and social services
Residents at least 55 years old who earn 30% to 60% of the area median income for San Diego County – about $36,360 to $72,720 for a two-person household – are eligible for Vintage at Marja Acres. Rents range from $814 to $1,396 per month, depending on the income of residents.
The three-story apartment building includes a community room, wellness/health center and on-site laundry. The one-bedroom apartments feature energy-efficient appliances and light fixtures, and low-flow faucets, showers and toilets.
Vintage at Marja Acres will also provide numerous social services for residents, from activities like arts and crafts to financial education programs.
“Marja Acres has all the elements in place to open the doors of opportunity to its residents: a prime location, plentiful social services and an exemplary developer partner behind the wheel,” said Jessica Captanis, Vice President of Originations West for WNC Inc.
Vintage at Marja Acres “represents more than just new affordable housing – it’s about creating a thriving, supportive community for our seniors,” said Ken Robertson, President of Riverside Charitable Corporation. “This development ensures that seniors have access to not only affordable housing but also essential services and social connections that contribute to their overall well-being. Our team is proud to stand alongside USA Properties Fund and our other partners in making this vision a reality.”
IHP Capital Partners and KB Home are also partners on the Marja Acres development, an infill community that is named after a former longtime nursery on the property.
“The grand opening of Marja Acres represents an exciting milestone in completing the overall vision for this dynamic mixed-use community, which brings a diverse range of high-quality housing options to Carlsbad,” said Jeff Enes, Managing Director at IHP Capital Partners. “By incorporating affordable senior housing alongside modern for-sale townhomes, Marja Acres provides a well-rounded, high-quality living environment for Carlsbad residents. We are grateful for the excellent work of USA Properties Fund and The Pinyon Group and look forward to our next opportunity together.”
Vintage at Marja Acres is the second apartment community for USA Properties Fund in Carlsbad, joining nearby Rancho Carrillo Apartments – and its sixth in San Diego County. The company is close to completing 8181 Allison Way, a 147-apartment community for moderate-income residents in downtown La Mesa, about 35 miles away.
The Roseville-based company is one of the fastest-growing and largest affordable developer-manager-owners in the West, according to Affordable Housing Finance.
“We’re always looking at new opportunities to develop quality, affordable housing and improve the lives of residents,” Brown said. “Marja Acres is a unique community and showcases what is possible when organizations partner together.”
Photos by John Riedy Photography