USA Properties Fund has started construction on a pair of apartment projects in Simi Valley totaling 311 units, a combination of market rate and affordable senior housing.
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.
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