WALNUT CREEK, CA – Sequoia announced the acquisition of Shaliko Apartment Homes, a 152-unit, Class-A apartment building located in Rocklin, CA. This acquisition increases the firm’s portfolio holdings to more than 13,200 units. The property was developed in 1990 and is comprised of over 154,000 residential square feet in 19, two-tale buildings.

The property is situated in an affluent neighborhood bordering Roseville, Granite Bay, and Loomis. With this ideal location, Sequoia’s executive team voiced having a unique opportunity and hidden potential in the community stating, “Given its residential setting, and large floorplan sizes, the community offers a more home-like feeling than is typical.”

Terms of the transaction were not told, but Sequoia shared that it plans to invest over $1M to further modernize the apartments and amenities of the property. Sequoia’s management arm will provide the day-to-day management services for the building.

Established in 1986, Sequoia has always remained committed to its mission of striving to make the ordinary a small more special by inspiring our employees and making communities where people can expect more out of everyday life. Over 25,000 residents come home to a Sequoia community at the end of the day. 

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SAVANNAH, GA – Carter Multifamily announced its acquisition of the 159-unit Ascend at Savannah for approximately $13.2 million. 

Built in 1970 and comprising 159 units on an 8.55-acre site, Ascend at Savannah is located in Savannah, Georgia at 10714 Abercorn Street, approximately seven miles south of downtown Savannah. Nestled in a wooded area with a private lake, the property offers 1-, 2-, and 3-bedroom apartment units ranging from 744 to 1050 square feet of space. Ascend at Savannah provides residents with simple access to some of the area’s premier healthcare, cultural, retail, entertainment, and office hubs via Harry S. Truman Parkway, White Bluff Road, and Interstate 516. 

“We are excited to add this property to our growing Southeast portfolio and to expand to the Savannah market where apartment rents increased roughly 6% over the last year, and occupancy is expected to hover around 95% throughout 2019. Ascend at Savannah is a charming apartment home community for residents who are seeking apartment housing in a desirable area with plentiful job, cultural and entertainment options nearby,” said Cindy Pfeifer, chief executive officer of Carter Multifamily. 

Carter Multifamily intends to reposition Ascend at Savannah to be a best-in-class apartment community to serve the area’s large concentration of retail, hospitality, education and health services professionals. Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas. There are also plans to add a fenced-in pet park and dog spa, on-demand fitness center, internet café, and added outdoor gathering areas.

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FULLERTON, CA – Less than a year after breaking ground, Jamboree Housing Corporation and the City of Fullerton today announced the grand opening of Compass Rose. This unique, long-term partnership between Jamboree and the City of Fullerton helped do the City’s redevelopment plot, to bring more affordable housing and supportive services to the blighted and overcrowded Richman Park area. 

Over the last 10 years, the City of Fullerton and the former Fullerton Redevelopment Agency invested more than $22.7 million to buy properties in the centrally-located Richman Park neighborhood, an area that had suffered from high poverty and crime rates. More than 30 properties were bought, with some being developed as affordable for-sale homes. Compass Rose is the affordable rental component of the city’s master plot and, upon the request of then Fullerton Mayor, now Fourth District Orange County Supervisor, Doug Chaffee, the majority of the apartments are set aside for residents who earn less than 40% of the area median income.

“I believe that safe and secure affordable housing is a basic human need and essential to providing for a decent quality of life. In my capacity as Supervisor, I will continue to advocate for affordable housing for the residents of Orange County. As we continue to work towards this goal, I’m proud to stand by Jamboree and look forward to building more projects like Compass Rose,” said Chaffee.

The 1.76-acre site, comprised of five scattered sites, has now evolved into a 46-unit affordable apartment complex, with an expansive community service center as the focal point of the development. The Compass Rose community center features approximately 2,800 square feet of community space that houses flexible indoor/outdoor recreational space, onsite management offices, kitchen facilities, and space where free, onsite services will be provided to residents and the surrounding Richman Park community. Outdoor amenities include barbecue/dining areas, a tot lot, fitness areas, and landscaped community spaces for outdoor recreation. Each residential building features laundry facilities, most apartments have a garage, and on-grade parking is available for guests. 

Jesus Silva, current Mayor of Fullerton, said that quality affordable housing, like Compass Rose, can truly revitalize a community. “Thank you, Jamboree, city staff and all our fantastic partners for help in transforming our city one neighborhood at a time. Your commitment to the families of Compass Rose will ignite the spark of possibilities that will allow them to go forward with like and dignity.”

Laura Archuleta, Jamboree President and CEO, said that developers of affordable housing today have had to evolve the nature of their work since the dissolution of redevelopment agencies.

“Having the opportunity to work with the City of Fullerton in executing the last phase of their redevelopment vision for the Richman Park neighborhood has been a unique and rewarding experience,” she said. “Seeing the commitment of the City to end what they started more than 10 years ago shows that affordable housing is still possible in a post-redevelopment world when the political will of a city is present.”

Archuleta pointed out that Compass Rose makes not only quality affordable housing for families but is a platform to expand community services that benefit the surrounding neighborhood and residents. This is accomplished through Jamboree’s partnership with the California State University Fullerton Center for Healthy Neighborhoods, St. Jude Neighborhood Health Center, and Richman Connect who are working together with Jamboree to expand services, programs, and activities to promote safe and healthy families, improve social, emotional, and academic success of children, enhance economic stability, and empower residents to have a voice of leadership in their community.

“Affordable housing, coupled with neighborhood-specific community and resident services, is what truly transforms an area like Richman Park,” said Archuleta. 

In Jamboree’s ongoing commitment to sustainability, Compass Rose features ENERGY STAR appliances and water-efficient plumbing in each apartment, low-VOC interior paint and paperless drywall in bathrooms, CRI Green Mark low-VOC carpeting and underlayment, and low-VOC adhesives. Interiors are heated by a highly efficient central boiler system, and the outdoor landscaping features large planters around the community to capture rainwater runoff.

With these and other sustainable features, Compass Rose is designed to achieve a LEED (Leadership in Energy & Environmental Design) for Homes Gold rating and to exceed California’s Title 24 CalGreen energy efficiency standards. This certification lowers energy consumption, providing a cost-saving benefit to and promotes the health of residents. The LEED Green Building Rating System is the nationally accepted benchmark for the design, construction, and operation of high-performance green buildings.

Financing for the $23.3 million development consists of $9.7 million in a city loan from the City of Fullerton; $10.7 million in tax credit equity invested by Union Bank; $2.2 million in permanent financing by Union Bank, and $12.3 million in construction financing provided by Union Bank.

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