USA Properties Kicks Off Construction of 162-Unit, $48MM Project in Gold River

Sacramento, Gold River, USA Properties, Aurora, Nella Invest, East West Bank

Former Sacramento Regional Transit property will become high-density housing with a clubhouse, heated swimming pool, dog park and bike repair station – all about a mile from the American River

GOLD RIVER, Calif. – USA Properties Fund Inc. has started construction on Aurora, a bike-friendly, luxury apartment community in Gold River, with easy access to the American River Parkway, restaurants, shopping, public transit and Highway 50. 

The 162-apartment community, located at 2220 Cemo Circle, is the first new multifamily development in almost two decades in Gold River, a master-planned community known for its miles of nature trails, mature trees and lush landscaping about a mile south of the American River in Sacramento County.

“Aurora will be a one-of-a-kind apartment community that offers something for everyone, whether you’re an avid cyclist or a family that enjoys a leisurely walk to a nearby coffeehouse or the grocery store,” said Geoff Brown, President of USA Properties Fund. “We’ve been looking at this property for years, and are excited about the opportunity.”

The apartment community – featuring one, two and three-bedroom homes – will have a long list of amenities, including a clubhouse with a fitness room, hospitality kitchen and multiple lounge areas; a heated swimming pool; and a dog park and pet-wash area. The first residents could start moving in March 2022.

“It will be a real eye-opener in a wonderful community,” said Gabe Gardner of the USA Properties’ acquisition team. “It’s a suburban infill site that is pretty rare to find.”

Housing and transportation

The Sacramento Regional Transit District (SacRT) bought the eight-acre parcel for a possible park-and-ride lot for the nearby Sunrise light-rail extension in 1986. But two decades later, SacRT determined the land was not needed for its original purpose and started looking for a multifamily developer to help meet Sacramento County’s housing needs. SacRT and USA Properties have been in discussions for the property the past few years, and completed the transaction in recent weeks.

“Lack of housing is an ongoing challenge in the Sacramento region, and we are glad to see much-needed high-density housing will be built on this vacant property,” said SacRT General Manager/CEO Henry Li. “This is a perfect example of how public and private entities can partner together to improve the livability of the region.”

Aurora will offer more housing – and more options for residents to get around the Sacramento region.

The apartment community will help boost public transit ridership, with a bus stop a few blocks away and a half-mile from the Sunrise light rail station with direct routes on the Gold Line to downtown Sacramento and Historic Folsom. Aurora is also a couple blocks from Sunrise Boulevard – a popular north-south route – and a half-mile from Highway 50.

And Aurora will likely become a popular choice for those who prefer pedal power to horsepower. The apartment community will have 179 bike racks and a bike repair station. Residents will be close to the Sunrise Corridor Bikeway that connects with the Jebediah Smith Memorial Trail that runs along the American River.

A more like-home-feel with quartz countertops, vinyl-plank flooring, and full-size washers and dryers

Aurora will have seven, three-story buildings and a lengthy list of amenities and features for residents. In addition to the clubhouse, fitness room and swimming pool, Aurora will include an outdoor kitchen with barbecue grills, fire pit areas and a large patio.

All apartments will include vinyl-plank flooring, stainless-steel appliances, quartz countertops, a tile backsplash, and a full-size washer and dryer. Two-bedroom and three-bedroom homes will have two bathrooms, including a large, primary bathroom with a walk-in shower, Gardner said. Aurora will have 66 one-bedroom, 84 two-bedroom and 12 three-bedroom homes.

Aurora will include 291 parking spaces, including 24 garages and 162 carports.

Aurora’s more-like-home feel comes as an increase of people, many from the Bay Area, are looking to move to the Sacramento region. The average two-bedroom apartment in the four-county region has soared almost 20% during the past year, the biggest increase among the nation’s largest 100 cities, according to Zumper.  

Nella Invest and East West Bank are partners with USA Properties on the $48 million project.

Nella Invest maintains a real estate portfolio spread throughout four western states, consisting of mobile home communities, office buildings, car washes and a Hyatt Place hotel.

“Aurora is our first venture into multifamily housing,” said Richard Teske, Investment Chairman of Nella Invest. “This project and our partnership with USA Properties Fund, are representative of how we seek to partner with industry leaders to bring valued and meaningful product offerings to the communities which we serve.” 

USA Properties Fund, one of the leading affordable apartment community developer-builder-managers in the West, continues to expand in the market-rate apartment industry. The 40-year-old company has several market-rate apartment communities completed or in development in California, including two in the Sacramento region – Talavera Apartments in Folsom and Harvest at Fiddyment Ranch in Roseville.  

“USA Properties and our partners are investing in the community, and we’re always looking for opportunities,” Brown said. “Every apartment we build – affordable or market-rate – becomes a home, and helps meet the desperate need for more housing in the state.”

ABOUT USA PROPERTIES FUND INC.

USA Properties Fund Inc. (USA), a California corporation, is a privately-owned real estate development organization specializing in the creation of outstanding apartment communities. Celebrating its 40th year and headquartered in Roseville, Calif., USA Properties Fund provides a full range of capabilities for community development, including financing, development, construction services, rehabilitation and property management. Our values, leadership and team structure reflect our success with the development/construction and acquisition/rehabilitation of more than 13,500 units of family and senior apartments in over 100 apartment home communities throughout California and Nevada.

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