X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.