A public-private partnership makes the 166-apartment community for seniors possible.
USA Properties Fund and Riverside Charitable Corporation have started construction on The Orion, an affordable apartment community in Orange that will provide much-needed housing for low-income seniors in one of the most expensive markets in the nation.
The Orion – located at 1800 E. La Veta Avenue, near the interchange of Freeways 55 and 22 – is a high-profile infill project that will “convert a blighted property into something architecturally beautiful and provide 166 additional affordable units for seniors,” said Orange Mayor Dan Slater. “It’s a win-win.”
The Orion is close to several shopping centers, numerous health care providers and adjacent to public transit, including bus service and connections to light-rail service throughout the region. The Orion is also near community and regional parks, and a short drive to Newport Beach, Laguna Beach and Disneyland.
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Rendering by Architects Orange
Construction on the 166-apartment community, which includes eight permanent supportive housing units for residents faced with housing insecurity, should be completed in early 2026.
The Orion – available to seniors at least 55 years old who meet income requirements – will feature a long list of amenities, including a clubroom, a fitness area, a dog park and an on-site senior services center for residents.
About 75 people attended a groundbreaking celebration July 29 for The Orion.
Rather than the traditional groundbreaking with shovels, sledgehammers were used to celebrate the start of construction and the demolition of the former Rehabilitation Institute of Southern California structure on the property.
Community leaders and company officials at the groundbreaking celebration detailed the importance of the project in a region where 80% of extremely low-income seniors spend at least half of their income on rent, according to the California Housing Partnership.
“Finding affordable housing has become a major challenge in California, where there is a critical shortage and tremendous competition for available apartments for low-income seniors,” said Geoff Brown, President of USA Properties Fund. “The Orion is an excellent example of far-reaching community support and partners working together to help ease the housing – and financial – burden that so many seniors face.”
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Swings are a big hit at the groundbreaking celebration
Photos by Samer Alam
‘We got a lot of people involved’
The Orion is moving forward after several years of planning thanks to a major public-private partnership that includes the City of Orange, County of Orange, Orange County Housing Finance Trust, Orange County Health Care Agency, Bank of America, Citibank and Safehold.
“The Orion is an example of what’s possible when public and private entities collaborate to provide safe and affordable housing for seniors,” said Ken Robertson, Board President of Riverside Charitable Corporation in nearby Tustin. “The City and County of Orange are outpacing most of California in building affordable housing because we have nonprofits and civic-minded partners.”
The Orion faced “a lot of challenges,” including higher interest rates that have increased borrowing costs in recent years, but the partners have come together to make the project possible and provide much-needed housing for seniors, said Jatin Malhotra, Vice President of Acquisitions for USA Properties Fund.
“Everybody was really motivated to make this project happen,” Malhotra said. “We got a lot of people involved.”
The City of Orange, County of Orange and Orange County Housing Finance Trust provided financial support for The Orion. The California Tax Credit Allocation Committee (also known as TCAC) awarded highly competitive bond funding for the development, saving the state –and taxpayers – several million dollars. Bank of America offered favorable terms as the construction and tax credit equity lender on the project. And Citibank did the same as the permanent lender.
“All seniors deserve safe, affordable housing that allows them to securely age in place with dignity and community,” said Allen Staff, President for Bank of America Orange County. “The Orion will provide that to its senior residents regardless of their income level. Bank of America is proud to provide construction debt and tax credit equity investments to support USA Properties’ development of this high-quality, services-rich affordable housing in partnership with the City of Orange and Orange County.”
The Orion will “convert a blighted property into something architecturally beautiful and provide 166 additional affordable units for seniors. It’s a win-win.”
Orange Mayor Dan Slater
The Orion was also approved for a density housing bonus, significantly increasing the number of housing units allowed per acre helps make the $64 million project financially feasible.
“That’s very efficient, almost unheard of in Orange County,” Malhotra said of the $385,500 cost per unit.
The Orion will be affordable but also offer a long list of amenities. In addition to the clubroom, dog park and fitness center, the apartment community will feature computer workstations; a community garden with some elevated planters; a courtyard and shaded patio; and secure parking. Residents will also have access to LifeSTEPS, a social services provider at many of USA Properties-managed affordable communities.
“Projects like The Orion don’t just provide a roof over seniors’ heads, they also offer a social services-enriched community,” said Robertson of Riverside Charitable.
Amenities-rich affordable housing
The Orion will offer one- and two-bedroom apartments with energy-efficient appliances, lighting insulation and windows; and low-flow faucets, showers and toilets. Some apartments will include a balcony.
The Orion is available to seniors who earn 30% to 70% of the area median income for Orange County, about $37,860 to $88,340 for a two-person household. Income requirements will likely change slightly before the apartment community is completed.
Rendering by Architects Orange
Rents at The Orion will range from $806 to $1,990 for a one-bedroom apartment, and $965 to $2,376 for a two-bedroom unit, based on the income of residents. The rents are at least several hundred dollars less than comparable-sized market-rate properties in Orange, according to Rent.com and Zillow.
USA Properties Fund will manage The Orion, which will have three- and four-story buildings. The Orion will have a contemporary, urban design.
“We are very excited to establish a relationship with the USA Properties team, and look forward to a successful project,” said Steve Wylder, Executive Vice President and Head of Investments for Safehold. Publicly traded Safehold Inc. (NYSE: SAFE), based in New York City, is the leaseholder of the 3.85-acre property. “We are thrilled to play a role in creating much-needed affordable housing with this high-quality development.”
USA Properties Fund is one of the fastest-growing and largest affordable community developer-manager-owners with 90 properties in the West, including 32 in Southern California. The company has five apartment communities in Orange County. The Orion is the company’s first in The City of Orange.
“It’s a great project to showcase our abilities,” Malhotra said.