The adjacent complexes, which have an overall price tag of $114 million, will provide mixed-income, multigenerational housing on a roughly 13-acre parcel. The Landing at Arroyo will consist of a market-rate apartment community with amenities while the Vintage at Sycamore will be an affordable senior community open to residents 62 years and older.
USA Properties partnered with Century Housing, East West Bank and Gables Residential on funding. The Area Housing Authority of the County of Ventura contributed a $3.5 million subsidy for Vintage at Sycamore, which will total 99 units for lower-income seniors. Households earning $45,200 a year or less would rent a one-bedroom unit for $1,059 a month; households with earnings of $63,300 or less would rent for $1,483.
The $32 million Vintage complex 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, patio or balcony and laundry rooms.
The $82 million 212-apartment Landing at Arroyo promises a clubhouse with a kitchen, fitness center, saltwater pool and spa with cabanas, outdoor dining areas with fire pits, and a dog area among other amenities.
Located on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive, the twin developments will have easy access to the 118 freeway as well as local shopping centers, restaurants, public schools, parks and a hospital.
“This is highly sought-after land. It’s an excellent location,” said USA Properties Fund President Geoff Brown in a statement. “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 already has a history with the city of Simi Valley, where the entity owns and manages the Las Serenas and Vintage Paseo apartment developments.
“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 — a former 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 and Vintage are not the only Valley area projects which USA Properties currently has in development. Construction began this year to replace 2.2 acres of warehouses and auto repair hangars at 7700 N. Woodman Ave. in Panorama City with 239 units of senior apartments. The company previously built a similar senior housing community in Panorama City on a site a block north at 7840 Woodman Ave.
USA Properties Fund Inc. is headquartered in Roseville, near Sacramento.