$19M Earmarked for 208 Affordable Units

The complexes are the 100-unit Impressions at Valley Center in Victorville and the 108-unit Mission Palms Apartments, a senior housing apartment project near Riverside. Related provided $9.7 million in equity to Southern California Housing for Impressions at Valley Center and $9 million to Bighorn Affordable Communities for Mission Palms Apartments for tax credits generated by each transaction.

The market for affordable housing in San Bernardino County is one of the tightest in the nation, with a vacancy rate of only 1%, according to Ronne Thielen, executive vice president and West Coast regional director of Related Capital.

Impressions at Valley Center will consist of 16 two-story apartment buildings and a community building. Two- to three-bedroom units will range from 904 sf to 1,144 sf, with rents starting at $440 per month. The majority of units will target households earning 60% or less of the area median income. Construction has begun on the complex and is expected to be finished in August 2004.

The Mission Palms Apartments will be located in Rubidoux, just west of the City of Riverside. It will consist of six two-story buildings and a two-story clubhouse. One- to two-bedroom units will range from 621 sf to 780 sf, with rents starting at $361 per month. Construction is scheduled to begin in the next several weeks, with completion planed for July 2004.

Southern California Housing Development Corp. is based in Rancho Cucamonga, CA. It has developed 25 multifamily projects since 1992 and manages nearly 4,000 units.

Bighorn Affordable Communities is an affiliate of Palm Desert Development Co. in Palm Desert, CA. The company and related entities have developed seven affordable housing complexes totaling 820 units.

Related Capital manages more than $5 billion in equity for institutional and retail real estate investors, representing a portfolio valued at more than $16 billion. The company owns interests in more than 280,000 units and maintains 23 offices nationwide.