288-apartment community offers housing to residents with moderate incomes
Rocklin, Calif. – USA Properties Fund, one of the fastest-growing and leading affordable developer-manager-owners in the West, has opened Terracina at Whitney Ranch, an apartment community that provides much-needed housing for residents with a wide range of income levels in Rocklin.
Terracina at Whitney Ranch – located at 801 University Avenue, between University Avenue and Wildcat Boulevard in the Whitney Ranch neighborhood – allows many lower- to moderate-income residents to live in the same community where they work, an increasing challenge as housing costs have greatly increased in the region during the past several years.
"Providing multiple types of housing is critical to a thriving community," said Rocklin Mayor Jill Gayaldo. "Terracina at Whitney Ranch will enable our young adults to stay in the community where they were raised and allows folks, such as new teachers or police officers, to live in the community where they work."
The 288-apartment community is close to Highway 65, award-winning public schools, including Whitney High School, and numerous parks and trails. Several major shopping centers – including the Westfield Galleria at Roseville, the largest mall in the Sacramento region – and numerous major health care providers are just a few miles away.
"It's an excellent neighborhood that meets the needs of so many residents, from young professionals just starting their careers to retirees living on a fixed income," said Geoff Brown, President of USA Properties Fund. "Terracina at Whitney Ranch checks the boxes in many ways, from highly rated public schools to nearby shopping and restaurants, while meeting the critical need for more affordable housing in the community."
USA Properties Fund's first community in Rocklin
Almost three of every five (57%) renters in the Sacramento region spend at least 30% of their income on housing, according to the Joint Center for Housing Studies of Harvard University. The percentage of cost-burdened renters in the region is the third highest in California, exceeding the Bay Area and Southern California, where the average rents are higher but so are wages.
"We know very well the financial challenges that many families face in our community," said Brown, who had planned a market-rate apartment community on the 11-acre parcel before changing the development to an affordable property. "We are strongly committed to meeting the need for more affordable housing in our backyard and investing back into the community."
USA Properties Fund has about 35 apartment communities in the Sacramento region, but Terracina at Whitney Ranch is the first in Rocklin – about 8 miles from the company's headquarters in Roseville.
"USA Properties has a proven track record of delivering high-quality projects and I'm really pleased they chose Rocklin," Gayaldo said.
USA Properties Fund developed the $104 million apartment community without local or state subsidies, relying only on tax credits – extremely unusual in the affordable housing industry.
Bank of America is the construction and tax credit lender on the project.
"As the region's rental housing costs continue to climb, Terracina at Whitney Ranch brings much-needed affordability for working families to call Rocklin 'home' as the community continues to grow," said CP Parmar, Bank of America Sacramento region president. "Bank of America proudly provided longtime partner USA Properties with the construction financing and tax credits to help make Terracina a reality."
Citi Community Capital is the permanent lender for Terracina at Whitney Ranch.
"As the country's leading lender of affordable housing, we are committed to providing long-term capital for projects like the Terracina at Whitney Ranch property in Rocklin and support USA Properties Fund in developing and operating new, quality affordable housing," said Mike Hemmens, Managing Director, Citi Community Capital.
Affordable, Amenity rich
Rents at Terracina at Whitney Ranch are significantly less than nearby market-rate properties, with apartments reserved for residents who earn 30% to 70% of the median income for Placer County – about $35,370 to $82,530 per year for a four-person household.
Rents for a one-bedroom apartment range from about $592 to $1,374 per month, based on the income of the household. Three-bedroom apartments range from $781 to $2,007.
About 35 apartments – all two- and three-bedroom units at the 70% income level — remain available.
Terracina at Whitney Ranch is affordable but comes with a long list of amenities, rivaling many market-rate properties in the region.
Amenities include a 4,000-square-foot clubhouse with a community room, a fitness room, a swimming pool, a courtyard with seating, a tot-lot play area, a dog park that overlooks a nature preserve, and EV charging stations. The apartment community also includes an outdoor fitness area with workout equipment, one of the latest trends in the rental market.
Apartments feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Laundry facilities are also part of Terracina at Whitney Ranch.
The apartments, amenities and even the nearby neighborhood are just part of what makes Terracina at Whitney Ranch special.
"Terracina at Whitney Ranch is so much more than an apartment community," Brown said. "It's home to many hardworking residents who make our community a very special place."
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