Jamboree Housing and Capital Valley Investments Re-Open The Shenandoah Apartment Homes in Sacramento

Jamboree Housing and Capital Valley Investments Re-Open The Shenandoah Apartment Homes in Sacramento

Published: Wed, May 28, 2008

Jamboree Housing and Capital Valley Investments Re-Open The Shenandoah Apartment Homes in Sacramento
Joint Venture Partnership Working to Create Solutions in One of Nation’s Highest Foreclosure Rate Areas

Sacramento, CA (May 28, 2008) – Jamboree Housing Corporation, Capital Valley Investments, and a group of enthusiastic supporters celebrated the grand re-opening of The Shenandoah Apartment Homes in the Greenhaven/Pocket Area in the city of Sacramento.

“Today is made possible by our successful collaboration with Capital Valley Investments. As partners, we are here for the residents and the community over the long haul,” stated Laura Archuleta, president of Jamboree. The Shenandoah is an acquisition/rehabilitation of an existing 100-unit apartment community into quality affordable housing. This conversion saves costs and neutralizes the negative social and economic

impacts caused by the crisis on the surrounding community by rehabilitating pre-existing properties that would otherwise remain depressed.

According to a foreclosure trends report by The California Reinvestment Coalition for Sacramento Housing Redevelopment Agency (SHRA), in Sacramento County, over one-third of the loans made in 2005 and 2006 were high cost or subprime loans. In 2007, Sacramento experienced the fifth highest rate of foreclosure among the nation’s 100 largest jurisdictions. Representing a six-fold increase from the previous year, there were 7,472 foreclosures in Sacramento County or one foreclosure for every 67 households. Therefore, elevating the quality of the community and preserving the unit affordability for existing residents became a priority in redeveloping the property. Today, The Shenandoah is a community of eight two-story, garden-style buildings consisting of 38 one-bedroom, 54 two-bedroom, and eight three-bedroom apartments and are affordable to working families who earn between $24,850 and $46,020 (50% to 60% of the area median income).

Darren Horning, principal at Capital Valley Investments, stated, “We are proud to partner with Jamboree on The Shenandoah Apartment Homes. Their experience breathes life into neighborhoods, transforming a property into a community. Combined with our market rate know-how, Jamboree’s resident services exemplify the commitment on both our parts to maintain a successful community for The Shenandoah residents and the surrounding neighborhood.”

Councilmember Robert King Fong of the City of Sacramento echoed his pride in the project. “We are dedicated to providing affordable housing for all of our citizens, especially in these critical times.” He later added, “What a splendid addition to the city and the district. The Shenandoah looks so different, I almost didn’t recognize it.” Christine Weichert of the SHRA underscored the collaborative effort that brought about such radical changes to the property. “We would especially like to thank the City Council, Jamboree and Capital Valley Investments for their inexhaustible commitment toward making this incredible transformation a reality.”

The Shenandoah now features a brand new community center with a computer lab, a new playground and barbeque area, landscape enhancements, a refurbished swimming pool and two upgraded laundry facilities. Other extensive rehabilitation efforts included a new hot water system, new roofs, siding and energy-efficient dual-glazed windows on the building exteriors. New appliances, cabinetry, plumbing fixtures, bathtubs and surrounds, heating and air conditioning systems, and floor coverings were installed in all units.

Moreover, in its commitment to strengthen communities by providing opportunities to improve the quality of family life, Jamboree’s Housing with HEART (Helping Educate, Activate and Respond Together) will offer  free, onsite resident services and programs tailored to meet the needs of residents and their families. These programs include activities such as homework assistance and tutoring, consumer credit counseling, ESL classes, financial literacy and pre-employment counseling.

“Every community – its people and the services we provide – is unique and diverse,” stated Kenyon Hill, Northern California Regional Supervisor of Housing with HEART. “Therefore, we tailor our programs and services to the needs of the residents. In that tradition, it is with great pride that we offer scholarships to the residents of our properties, a winner of which is a resident of The Shenandoah.”

Since 2005, Housing with HEART has awarded annual scholarships to up to six residents of Jamboree’s communities, three in northern California and three in southern California. Recipients are given the

opportunity to further their education by selecting from either a new computer and printer or $2,000 in tuition towards the school of their choosing. Youssouf Diallo, 25, a film student at the Art Institute of Sacramento and a resident of The Shenandoah, is one of this year’s recipients.

Ashley Sanders has witnessed the dramatic transformation of the property as a resident of The Shenandoah since before the rehabilitation. “We are a single-income family with three kids. The place not only looks great, but it is no longer run down. It’s safe for our kids to play outside.” She added, “We’re thankful to have a chance to live in a good neighborhood where we can better our lives.”

“The second I moved here, it felt like home,” stated The Shenandoah resident Geraldine Seeley. “The people who made this place possible went about it as if it was going to be their home. From pleasant and attentive management, to clean grounds and security personnel who make you feel safe, living at The Shenandoah is teaching me and my neighbors to not only appreciate these blessed surroundings, but also how to have pride in and care for the place we get to call home.”

The Shenandoah Fact Sheet and Before and After Property Photos are available upon request.

About Jamboree Housing Corporation

Founded in 1990, Jamboree Housing Corporation is an award-winning, broad-based nonprofit housing development company that develops, acquires, renovates and manages permanently affordable rental and ownership housing for lower-income families and seniors throughout California. Housing with HEART (Helping Educate, Activate and Respond Together) is a 501 (c)(3) organization and a division of Jamboree. A leading nonprofit developer, Jamboree’s development expertise includes new construction, acquisition/rehabilitation, preservation of at-risk projects and mobile home parks. Its portfolio includes the development of and/or ownership interest in more than 5,000 affordable rental apartment homes in more than 46 California communities. Currently, Housing with HEART programs and services are offered at 32 JHC communities with designated staff at each location. More information is available on the company’s Web sites at www.jamboreehousing.com and www.housingwithheart.org.

About Capital Valley Investments

Located in Rocklin, California, Capital Valley Investments is engaged in the acquisition, development, redevelopment, financing, ownership, and asset management of real estate properties in California and the Western United States. Its team of uniquely qualified professionals focuses on all facets of real estate development and long-term asset stewardship. The company’s principals established a reputation as a developer, owner and manager of multifamily residential properties in Southern California that spans three decades. The company’s apartment portfolio encompasses both market-rate and affordable communities. Currently, Capital Valley Investments is the largest apartment owner in the Sacramento market with a portfolio of more than 5,000 units in 30 communities.

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