Joint Venture Preservation of Low-Income Housing
Acq/rehab of quality affordable housing, Sacramento, CA
Asbury Place is an acquisition/rehabilitation of an existing apartment community in Sacramento, CA. This joint venture with Capital Valley Investments – a market-rate real estate company with a stellar reputation and 30 years experience in California – resulted in the successful extensive renovation of a 1960s property that suffered from tremendous deferred maintenance and substandard housing conditions.
Cited by the Sacramento Housing and Redevelopment Agency as some of the worst property conditions ever seen, the main goal of the renovation was to return the apartment units to the rental market at affordable rent levels and elevate the quality of the community for existing residents. A total of 72 units were vacant and uninhabitable due to water intrusion and damage to the apartments at the time of acquisition.
Extensive rehabilitation efforts included total replacement of the roofs, windows and siding. All unit interiors were renovated – including new kitchens and baths, the conversion of wall heating/AC to central HVAC, and the installation of washer/driers in all two-bedroom units.
Asbury Place now features a brand new community center with a computer lab for onsite programs provided by Jamboree’s Community Impact Group, a tot lot, swimming pool, and landscape enhancements. This transit-oriented community is located minutes from downtown Sacramento in the Arden Manor neighborhood in Arden-Arcade, with nearby shopping, restaurants, schools, parks and public transportation.