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MISSION VIEJO, CA-Locally based Wasatch Advantage Group has reopened the 144-unit Shadow Way Apartments in Oceanside as a 100% affordable complex after a $28.1 million acquisition and renovation project. The complex, which is designed for working families, is located at 4771 Yuma Ave. and features units of one and two bedrooms in 18 separate buildings behind private security gates.

The $28.1 million project was financed by tax-exempt bonds issued by the City of Oceanside, as well as proceeds from the sale of low-income housing tax credits, and a $5.6 million loan from the city. The garden-style project was originally built in the mid-1980s.

Kipling S. Sheppard, president of Wasatch Advantage, says that the renovated complex will provide units that are “comparable to market rate apartments, but will be affordable for working families whose incomes aren’t keeping up with market rents.”

According to Tony Hladek, vice president of acquisitions and development for Wasatch, all apartments at Shadow Way are to be set aside for households earning a maximum of 50% to 60% of the area median income for San Diego County. Rents range from $776-$1,032, well below comparable market-rate rents.

The Wasatch project included complete interior renovations of each apartment. Outside improvements included new roofing, exterior siding and wood trim, plus landscaping upgrades.

As part of the project, Wasatch also constructed a new 1,700-square-foot community resource center, including a lounge, a leasing office, a business center and kitchen amenities, which will serve as a new community hub and gathering place for residents. The center was designed by architect KTGY Group, Inc. and constructed by Taylormade Builders Inc. and Vista Builders Inc. The garden-style project also features a swimming pool/spa; barbecues; and a new totlot.

Renovations were overseen by Ingenuity Builders Inc., one of two construction subsidiaries operated by Wasatch. Shadow Way Apartments are managed by Wasatch Property Management.

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