Joint venture acquisition, renovation of affordable community
Located in San Bernardino County, Jamboree acquired and rehabilitated Vista Pointe, fomerly known as Arbor Terrace, in a joint venture partnership with Community Preservation Partners, the development arm of WNC & Associates, Inc. to preserve long-term affordable family housing for residents and greatly improve the quality of the community. Interior renovations include upgrades to the HVAC system, new windows, water heaters, and flooring. All kitchens and bathrooms were completely refurbished with new cabinets, countertops, appliances, lighting and plumbing fixtures.
Outdoors, new landscaping created inviting green spaces. All common areas received accessibility upgrades. Though Vista Pointe was at risk of losing its affordability and going to market-rate rents, Jamboree’s joint venture replaced the expiring U.S. Department of Housing and Urban Development (HUD) HAP contracts with bonds, 4% tax credits and a long-term Section 8 contract, preserving the affordability of the apartment homes for decades to come.
The community is walking distance to shopping and dining and a short drive to four local schools, with easy interstate I-215 access. Mount Baldy provides a beautiful view and the nearby national forest is a great place for family recreation.