(To read more on the multifamily market, click here.)

|

LONG BEACH, CA-Simpson Housing Solutions has completed its70-unit Belmont Meadows Apartments in Delano and the 91-unit fourthphase of its 284-unit Camellia Gardens in Bakersfield, both of themaffordable apartment developments. Monthly rents at Belmont MeadowsApartments start as low as $334 for three-bedroom units, with rentsat Camelia Gardens ranging from $257 to $607 for units that rangefrom one to three bedrooms.

|

The Belmont Meadows project is at 150 Belmont St. in Delano andconsists of both three- and four-bedroom apartments that range from1,058 sf to 1,217 sf, all with two baths. Every apartment has beenset aside for households earning a maximum of 30% to 60% of thearea median income for Kern County, as published by HUD.

|

Michael Costa, president of Simpson Housing Solutions, notesthat the Delano development is one of a growing portfolio ofaffordable family and senior apartment complexes that Simpson hasdeveloped in many smaller and rural towns in the Central Valleyregion of California. "These cities and towns need affordablehousing just as much as more urban areas, if not more, because inmost cases the existing housing stock is older, with feweramenities," Costa comments.

|

Belmont Meadows, designed by R.L. Davidson Architects, featuresa clubhouse and community room, a computer learning center, afitness center and game room, laundry rooms, outdoor barbecue areasand a tot lot. SHS partnered with the nonprofit LINC Housing on theproject, the total development cost of which was $14.16 million.Financing consisted of an allocation of $11.6 million in federallow-income housing tax credits, a permanent loan of $1.46 millionand a developer note of $1.09 million.

|

Simpson developed the Camellia Gardens in partnership with thenonprofit Corporation for Better Housing. Designed by CulverCity-based John Cotton Architects, the property is at 1750 Cheathamand comprises a mix of units ranging from one to three bedroomsthat range from 528 sf to 1,010 sf.

|

All units have been set aside for households earning from 30% to50% of the area median income for Kern County as established byHUD. Costa points out that the development was designedspecifically "to meet the needs of working families with children"in an area where most existing multifamily housing is older andoffers far fewer amenities.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.