Auburn, Calif.- USA Properties Fund, Inc. has completed an extensive, $7.6 million renovation to an affordable family community in Auburn, including the installation of energy-efficient features that will help the environment – and save residents money.
New Energy Star appliances, energy-efficient ceiling fans and lighting, and efficiency improvements and repairs to plumbing fixtures, heating and cooling systems and water heaters are just part of the multimillion-dollar renovation at Terracina Oaks.
USA Properties recently celebrated the completion of the renovation with an open house at Terracina Oaks, 12200 Gateway Court in Auburn.
“Energy-efficient upgrades will save families money every month and reduce the impact on the environment,” said USA Properties Fund President Geoff Brown. “We’re always looking for ways to make our communities as energy-efficient as possible, whether it’s a new or existing property.”
The 56-unit affordable community – featuring two- to three-bedroom apartments – was built in 1994.
Families with annual incomes ranging from 35 percent to 60 percent of Placer County’s median income are eligible to live at Terracina Oaks. For example, a family of four would need an annual income of less than $26,635 at the 35 percent level – or $45,660 at the 60 percent level.
Rents range from $523 to $971 for the two-bedroom apartments, or $607 to $1,118 for the three-bedroom apartments.
Resurfacing of cabinets and countertops in apartments and roof maintenance, siding repairs and new paint to the exterior of buildings also are part of the renovation. Common areas have undergone renovation as well. The existing pool building/laundry facility has been expanded to include a 1,200-square-foot leasing office space, and the former office is now a 186-square-foot computer resource room for residents.
“We’re building a better community, a better home for our residents,” Mr. Brown said.
The California Department of Housing and Community Development, Citibank and RBC provided financing support for the renovation.
The renovation will extend the market viability of the property while providing a low vacancy rate and stable rents, according to USA Properties.
“The Terracina Oaks renovation also benefits our company and the Auburn community,” Brown said.Â
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 senior and family communities. Founded in 1981 and headquartered in Roseville, USA 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 12,000 units of family and senior apartments in about 89 communities throughout California and Nevada.
