$46 Million Charlotte Park Apartments’ 200 Affordable Multi-Family Residential Units Are 100% Leased and Near Completion
SAN JOSE, Calif. ― With the near completion of 200 new, affordable housing homes, the $46 million Charlotte Park Apartments in San Jose, Calif., is a great example of ROEM’s expertise in building a high quality affordable residential rental community located within a market-rate development. In this case, ROEM Corp. satisfied most of the affordable housing requirement of the Hitachi master-planned community, with ROEM Builders, Inc., acting as both general contractor and construction manager.
“While inclusionary housing policies provide a major source of funding for affordable housing, they can significantly reduce a developer’s return and create long-term obligations,” said Alex Sanchez, Executive Vice President of ROEM Corporation. “Our market-rate developer partners recognize the benefits of having ROEM act as their third-party general contractor. We assume their affordable housing obligations and pay the in-lieu fees while designing and building high-quality affordable housing that seamlessly blends with their market-rate housing. About 430 of our more than 3,000 new affordable housing units completed since 2000 were built by ROEM for a market-rate developer.”
Located on the former Hitachi Global Storage Technologies campus, Charlotte Park is part of a 295-acre master-planned community that will include condominiums, apartments, attached townhomes, many pocket parks, and a large 10-acre park with a baseball field. Charlotte Park is situated near the intersection of Cottle Road and Highway 85, and within walking distance from the Blossom Hill Caltrain station and the Cottle and Santa Teresa light rail stations. This $46 million development with the construction and permanent financing provided by Citi is affordable to families that make 60 percent or less of the Santa Clara County Area Median Income and provides an amenity-rich residential experience.
“Charlotte Park provides a safe haven to those who are being squeezed out of quality housing in Silicon Valley,” said Jay Abeywardena, Director at Citi. “We are excited to help support this initiative and believe this project will have a meaningful impact on the community.”
Charlotte Park Apartments gained an efficiency of management thanks to two other ROEM developments – Oak Grove Apartments and LEX Apartments – being constructed simultaneously within about a half-mile radius. Although these are separate projects managed by separate teams, ROEM was able to share resources from time to time because of their close proximity.
“With Alliant’s investment of nearly $15 million, Charlotte Park Apartments will provide an additional 200 units of much needed safe and affordable housing to the San Jose Area,” said Brian Goldberg of Alliant Capital, Ltd. “We are proud to be a partner in the development of this property and excited for the residents who will benefit from it for years to come.”
With ROEM’s emphasis on sustainability, Charlotte Park will be pursuing USGBC LEED Gold certification. Because both solar thermal heating and solar photovoltaic power sources are being installed, Charlotte Park has the potential to save up to 85% on utility bills when compared to electric water heating. Per LEED standards, all apartments have high-efficiency flush toilets and faucets as well as “Evolve Roadrunner” showerheads that are thermostatically controlled. In addition, Charlotte Park integrates efficient landscape design by using native species and zero turf on a lot designed to capture and treat all stormwater.
The amenity-rich, four-story apartment building (with 230-parking space garage) includes a courtyard with outdoor barbecue, dining area, tot lot and lounge area; community room with media alcove, kitchen and entertainment area; storage area; homework and computer room; and laundry facilities. Apartments will be equipped with Energy Star refrigerators and dishwashers, blinds, carpet, coat closets, and electrical four-burner stove/ovens.
With completion slated by the end of June, Charlotte Park is already fully leased.
About ROEM Corporation
ROEM Development Corporation, ROEM Builders, Inc., and their affiliated entities are a full-service development and construction organization that has specialized in the acquisition, planning, financing, new construction, renovation and asset management of market-rate and affordable housing throughout California for more than 30 years. Ranked in Affordable Housing Finance magazine’s Top 50 Affordable Housing Developers of 2015 list and a registered member of USGBC and Build It Green, ROEM is dedicated to creating wholesome communities that are not only sustainable but also designed smarter to ensure that residents are healthier, happier and safer. ROEM has completed more than 3,000 affordable housing units with more than 1,000 units currently under construction. For more information, visitwww.ROEMcorp.com.