USA Properties Fund has opened a 284-unit affordable housing community in fast-growing Roseville, California.
Terracina at Winding Creek serves households earning 30% to 70% of the area median income to help address the shortage of affordable housing in south Placer County.
Many lower-income renters—from early-in-their-career professionals to those with service-industry jobs—cannot find affordable housing in Roseville, forcing them to commute to work from outside the region or live in market-rate apartment communities and pay much higher rent, creating an ongoing financial hardship.
“West Roseville has evolved into a vibrant, family-friendly community,” said Geoff Brown, president of USA Properties Fund. “Terracina at Winding Creek offers affordable, quality housing and provides lower-income residents the opportunity to enjoy everything that Roseville has to offer, from top-notch schools to dozens of parks and lots of recreation opportunities.”
The Roseville-based firm is one of the nation’s top affordable housing developers and owners in the West, with a 90-apartment portfolio in California, Nevada, and Oregon. But Terracina at Winding Creek is only the second in its hometown, which has grown from about 80,000 in 2000 to 163,000 today.
Part of Anthem Properties’ Winding Creek Master Plan, the new development is near major shopping centers and numerous health care providers.
The city of Roseville, along with J.P. Morgan, Anthem Properties, and tax credit investor WNC, are partners on the $119.2 million development.
“Our affordable housing investment work is rooted in the idea that strong communities create opportunity, and this development gives residents the foundation to pursue their goals, build stability, and thrive,” said James Vossoughi, executive director for J.P. Morgan Community Development Banking, the construction and permanent lender on the project. “By offering quality homes near jobs, schools, and amenities, Terracina at Winding Creek helps families put down roots and strengthens the Placer County community for generations.”
Terracina at Winding Creek will allow more lower-income residents to live closer to where they work and shows a “commitment to creating high-quality, family-focused communities,” said Jessica Captanis, vice president of originations, West, for WNC. “This grand opening marks an exciting step forward in expanding access to thoughtfully designed housing where families can truly thrive.”
Rents start at $670 for a one-bedroom apartment for residents who earn 30% of the median income to $2,265 for a three-bedroom unit for households in the 70% range, significantly less than nearby market-rate apartment communities in the region. Almost 90% of the apartments are two- or three-bedroom units, further helping with the shortage of affordable housing in south Placer County.
Terracina at Winding Creek is affordable but also offers a long list of amenities, many often only found at market-rate properties. The apartment community includes a clubhouse, a courtyard area for barbecues and picnics, a fitness center, a pet area, a playground, and laundry facilities.
Apartments feature energy-efficient appliances, vinyl-plank flooring and carpet, a patio or balcony, and free Wi-Fi—saving residents hundreds of dollars per year. Terracina at Winding Creek also offers a range of social services, from budgeting and financial planning to health-related talks, through longtime partner LifeSTEPS.