Highridge Costa has opened Twin Oaks Senior Apartments, a 130-unit fully affordable, age-restricted community in Oakley, Calif. SVA Architects designed the property.
The developer obtained a $20.8 million, 30-year loan from Citibank, as well as a $5.2 million loan from the California Housing Finance Agency, both originated earlier this year, according to Yardi Matrix data.
Twin Oaks’ three-story building comprises one- and two-bedroom floorplans ranging from 540 to 758 square feet. Residences are reserved for seniors of 62 and over earning between 50 and 80 percent of the area median income.
Common-area amenities include a swimming pool, a dog park, a fitness center, a clubhouse, vegetable gardens, sports courts and on-site laundry facilities. The property also has roughly 5,700 square feet of commercial space.
Located at 2605 Main St., Twin Oaks is close to the intersection of highways 160 and 4. It is roughly 50 miles east of San Francisco, adjacent to the Oakley Town Center shopping center and several retail options along Main Street.
Addressing supply-starved markets
Highridge Costa owns and operates more than 5,000 affordable units across some 50 properties nationally, Yardi Matrix data shows. Recently, the company committed to building more than 10,000 income-restricted units across Hawaii.
Both states share similarities regarding affordable housing development, in terms of shortage of homes and cost of living, as explained by EAH Housing Chief Real Estate Development Officer Welton Jordan in a recent interview with Multi-Housing News. There is a deficit of some 27,000 affordable units in Hawaii, while in California the figure shoots up to 1 million, Jordan detailed.
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