FREMONT, CALIF. — USA Properties Fund has broken ground on Centerville Plaza, an affordable multifamily community in Fremont. Located at 37358 Fremont Blvd., Centerville Plaza will feature 290 one-, two- and three-bedroom apartments developed in two phases, with the first units available in spring 2028. The first phase will feature a single five-story building with 140 apartments dedicated to households earning 30 percent to 80 percent of the area median income (AMI) for Alameda County, while the second phase will include two buildings offering a total of 150 units that will have a 60 percent AMI rent and income limit.
Apartments will include energy-efficient appliances and light fixtures, low-flow sinks, showers and toilets. Community amenities will include a clubhouse with kitchen, fitness center, barbecue areas and a resident resources area with social services provided by LifeSTEPS, as well as 257 parking spaces, including 27 EV chargers.
Financing for the $174 million development includes a $12.8 million loan from the City of Fremont, along with tax-credit investor Bank of America and permanent lender Citi Community Capital for the first phase. The Bay Area Housing Innovation Fund provided a $17.1 million loan, and Housing Trust Silicon Valley provided a $10.3 million land acquisition loan with participation from the Housing Accelerator Fund for the second phase. Additionally, Bank of America and Citi Community Capital are involved in the the second phase of the project.