Seniors Housing

SAN DIEGO — R.D. Olson, an Irvine, Calif.-based general contractor, has completed the construction of Kettner Crossing, a $30 million affordable housing community situated in San Diego’s Little Italy neighborhood. Bridge Housing Corp. was the developer. Totaling 64 units, the residences are reserved for seniors age 62 and older earning no more than 30 to 60 percent of the area median income. The building also features 2,200 square feet of commercial office space available for lease. Amenities at the community include a rooftop overlooking North San Diego Bay, an open-air turf space, community room and library. A majority of the units (55) feature one-bedroom layouts, and the remaining units are a mix of two-bedroom and studio apartments. The County of San Diego provided the land as well as some financing for the development, which took two years to complete, and partnered with Bridge Housing Corp. to bring the project to fruition. Specifics of the funding were not disclosed, but the state issued $2.5 million in federal low-income housing tax credits to the capital stack. The project team also included architect AVRP Studios, construction manager JLL and civil engineer Fuscoe Engineerings.

LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles.  John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and 36 reserved for previously homeless seniors. One unit is reserved for an onsite manager.  The property, formerly known as Southside Seniors, is situated on land provided by Southside Church through a land lease.  Trillium will manage Serenity Apartments. Amenities at the community include a lounge, courtyard with a barbecue area, kitchen, computer lab, gym and laundry facilities. The development also features 1,600 square feet of ground-floor commercial space and a 100-car garage.  In partnership with R4 Capital Funding, Western Alliance Bank invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the project.