Olivera Senior Apartments – Integrity Housing Opens CA Senior Affordable Community
August 29, 2017
Integrity Housing has opened Olivera Senior Apartments, an 84-unit affordable community in Pomona, Calif. The company developed the property in partnership with Mayans Housing Corp. KTGY Architecture + Planning and MJS Landscape Architecture served as the designers of the project. Fully occupied, the asset includes apartments for low-income seniors earning 30 to 60 percent of the area median income. Five units are reserved for veterans.
Located at 600 S. Dudley St., Olivera is in close proximity to the Veterans Park and the Ralph Welch Park. Incorporating energy-efficient construction and appliances, the asset received the highest rating under the Green Point Rated Sustainable Program. Apartments feature granite countertops, carpet and vinyl wood plank flooring, central heating and air conditioning, as well as private balconies and patios in select units. The Spanish Mediterranean-style community includes:
- on-site parking
- laundry facilities on each floor
- large club room
- fitness room
- computer room
- mail room
- reception area
- landscaped sidewalks
- bocce ball court
- dog park
- dining terrace
- community barbecues
Olivera was financed using 9 percent Low-Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. The US Bank provided a construction loan and the California Community Reinvestment Corp. provided the permanent loan. The City Real Estate Advisors is the tax credit equity partner.
FPI Property Management is the on-site manager of the property. The company collaborates with EngAGE, a nonprofit organization that provides arts, wellness, lifelong learning and intergenerational programs at the community.
In another recent deal, Integrity Housing sold an affordable housing project in Dania Beach, Fla., for $28.5 million.