Sacramento, CA. – Related California, a real estate developer specializing in affordable and market rate multifamily and mixed-use residential properties in California, announced the grand opening of The Arbors at Oak Park, a new 55-unit senior apartment community in the Oak Park District of Sacramento. Related California will be joined by City and State Officials along with representatives from Sacramento Housing and Redevelopment Agency and community leaders for a grand opening ceremony on Wednesday, July 31st, 2013, between 11am and 1pm at The Arbors, located at 3820 Broadway in Sacramento.
“I’m thrilled to be celebrating this major milestone in the revitalization of Oak Park. This project is a great asset for Oak Park because it restores vitality to a key corner of the neighborhood that has sat vacant for many years,” said Mayor Kevin Johnson. “The transformation creates quality housing for seniors and complements other catalyst infill developments which are key to rejuvenating and creating opportunities for this historic neighborhood. I would like to acknowledge the professionalism and commitment of Related California that brought this development to fruition even during challenging economic times.”
“The Arbors at Oak Park is Related’s first major development in Sacramento and promises to be a catalyst of revitalization in the Oak Park district of Sacramento,” said Bill Witte, president of Related California. “We could not be more proud to be in Sacramento and have great partners such as the Sacramento Housing and Redevelopment Agency, Itasker Hollins Community Economic Development Corp., and Affordable Housing Access, Inc. to bring affordable senior housing and neighborhood serving retail to this community.”
The fifty five one bedroom units are restricted to senior households with incomes between 30-50 percent of the area median income and that are 55 years of age or older. Additionally, residents at The Arbors at Oak Park will enjoy the benefits of a club room, lounge, media center, business center and fitness center. The project also includes 3,766 square feet of street level commercial space for neighborhood serving retail.
The Sacramento Housing and Redevelopment Agency provided affordable housing gap financing for The Arbors at Oak Park while Union Bank of California provided low income housing tax credit equity and construction debt financing.
Mogavero Notestine Associates served as the architect on the project and Barry Swenson Builders was the general contractor.
About Related California
Related California is a fully integrated real estate firm that develops affordable and market rate multifamily and mixed-use residential properties in California. Since opening the west coast headquarters in 1989, the company has completed more than 9,200 residential homes throughout California. Related has partnered with over 20 municipalities in Northern California (San Francisco, Oakland, Richmond, San Jose) and Southern California (Los Angeles City, Los Angeles County, Orange County, San Bernardino County, San Diego and San Diego County).
The Related California portfolio includes more than $2.5 billion worth of developments. This level of activity sets the company apart from most in the industry and creates substantial purchasing and negotiating leverage, allowing Related to develop and operate assets efficiently while maintaining its standards of high quality and service. For more information about Related California, visitwww.relatedcalifornia.com