Jamboree Housing Corporation Completes Construction of The Exchange At Gateway in El Monte, Ca

Jamboree Housing Corporation Completes Construction of The Exchange At Gateway in El Monte, Ca

Published: Fri, October 23, 2015

Dan Carlsson | 949-559-9382 | dcarlsson@cox.net
Carlsson Public Relations

Lorraine O’Keefe | 949-219-0770 | lorraine@thinkinbig.com
ThinkinBig Communications

EL MONTE, CA – Jamboree Housing Corporation announced today that it has completed construction of apartment homes at The Exchange at Gateway, a transit-oriented, workforce housing development that is part of El Monte Gateway, a 14-acre mixed-used urban village in El Monte, CA, that is 12 miles east of downtown Los Angeles.

The 132-unit workforce housing property is Jamboree’s first development in partnership with the City of El Monte, according to Laura Archuleta, president of Jamboree. The $37.9 million multifamily property was developed on a 2.1 acre urban infill site – formerly El Monte’s public works yard -- adjacent to the El Monte Station regional transportation hub.

The Exchange at Gateway provides affordable apartments for growing families who earn between 30% and 60% of the area median income (AMI). The rents range from $466 to $1,184 per month based on
family size and income level. For example, a family of four earning $37,350 (45% of area median income) will pay about $971/month in rent for their three-bedroom home.

The spacious apartments include ENERGY STAR appliances for optimum energy efficiency, flow-reducing faucets in kitchens and bathrooms to conserve water usage, as well as ultra low-flow toilets. Apartments
are also wired for connection to cable, the Internet, and Wi-Fi.

Property amenities include a 3,350 square-foot community center with computer lab, fitness center, tutoring/arts and crafts room, laundry facility, and kitchen. The Exchange at Gateway also encompasses a central courtyard with barbecue/picnic areas, a tot lot, outdoor seating areas, and storage for 68 bikes in the garage. Other features include basketball half courts for adults and youngsters, adult fitness station, and painted sports and handball courts.

For a healthier environment for residents, the community is 100% smoke-free. The property features no-VOC interior paint, formaldehyde-free or low-VOC fully sealed laminate cabinets, countertops and shelving, CRI Green Label Plus and low-VOC carpeting and pads, and low-VOC adhesives.
In keeping with Jamboree’s commitment to sustainability, The Exchange at Gateway is designed to achieve a LEED (Leadership in Energy & Environmental Design) for Homes Gold rating and will exceed California’s Title 24 energy efficiency standards by at least 33%. The sustainable design includes solar power that offsets 8% of the building energy use to lower energy consumption, resulting in a cost-saving benefit to residents. Additionally, the use of drought tolerant and native plants and highly efficient irrigation systems will reduce exterior water usage by 61%.

A significant component of The Exchange at Gateway’s sustainability footprint is its adjacency to the El Monte Station, considered one of the largest transit centers in the western U.S. that serves more than 35,000 public transportation riders daily. The El Monte Station also accommodates bicycle use by offering 60 bike parking spots and a repair stand.

 “The Exchange at Gateway will not only offer quality affordable housing for working families, but it will help reduce greenhouse gas emissions by providing public transportation services within walking distance of the property,” said Archuleta.  “This is the third transit-oriented development that Jamboree has built in Los Angeles County, which is a significant milestone for our company as we pursue our mission to work hand-in-hand with local jurisdictions to create strong, healthy, sustainable communities.”
Onsite resident programming provided by Jamboree’s Resident Services Group will be tailored to meet the specific needs of The Exchange at Gateway residents to foster learning, a healthy lifestyle, community building, and to enrich the quality of life of residents and the larger community through Jamboree’s community impact initiative.

Financing for The Exchange at Gateway consists of $9.9 million from the City of El Monte – including $2.5 million of HOME Funds from the U.S. Department of Housing & Urban Development (HUD) for land acquisition, development and permanent financing, $23 million in investor equity from Union Bank as well as a $22.6 million construction loan and $4.4 million in permanent financing also provided by Union Bank. The Exchange at Gateway was designed by SVA Architects and the general contractor was KPRS Construction Services, Inc.

Being developed by a public/private partnership between the City of El Monte, Jamboree and Grapevine Advisors, LLC, El Monte Gateway’s master developer, the district is planned to include both market-rate and affordable housing. The mixed-use development will also encompass 25,000 square feet of retail shops and restaurants, creating new opportunities for businesses in El Monte and its historic downtown. A $15 million grant from the California Department of Housing and Community Development (HCD) provided funding for significant infrastructure upgrades to surrounding streets.

Centrally located in downtown El Monte, El Monte Gateway will be a catalyst to future developments within the city’s larger 60-acre Gateway Specific Plan, creating additional housing and business opportunities as well as place making for dining, entertainment and social gatherings.
El Monte Gateway is a walkable, urban village that is adjacent to the El Monte Station transit center, near Pioneer Park and the Rio Hondo bike trail, one-half mile from Fletcher Park and the El Monte Community Hospital, and less than one mile from the El Monte Public Library. Columbia Elementary School and El Monte High School are also less than one mile from the site and Rio Hondo College is less than nine miles away. In addition to being next to a transit center, the site is also within a half mile of multiple community services such as coffee shops, grocery stores, restaurants and retail shops, all of which will help reduce the use of private vehicles.

About Jamboree: Founded in 1990 and celebrating its 25th anniversary, Irvine, CA-headquartered Jamboree Housing Corporation is an award-winning, broad-based nonprofit housing company that develops, acquires, renovates and manages permanently affordable rental and ownership housing throughout California for working families, seniors and people with special needs. A leading community development organization, Jamboree is committed to sustaining excellence with high quality affordable housing that benefits the environment, the economy and local communities. It currently has $320 million in affordable housing projects in its development pipeline and a $1.1 billion asset portfolio that includes the development of and/or ownership interest in more than 7,500 homes in more than 75 California communities. Currently, Jamboree’s Community Impact Group offers resident services that foster learning, health and community building at 35 Jamboree communities with designated staff at each location. For more information, visit jamboreehousing.com.

About El Monte: Located approximately 12 miles east of downtown Los Angeles, El Monte is the hub of the San Gabriel Valley, where two major freeways – Interstates 605 and 10 – intersect and it is the ninth largest city in Los Angeles County with a population of approximately 120,000.  As the San Gabriel Valley continues to grow, so does the City of El Monte through new businesses and quality housing. Many public improvements are underway to provide an attractive and safe environment for its economic growth. El Monte has maintained a reputation for a "business-friendly attitude" by attracting commercial and retail businesses as well as international corporations through its Foreign Trade Zone. Several trade and professional colleges are also located in the city, providing workforce education to support local businesses.

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