Rancho Cordova, CA – Jamboree Housing Corporation and Capital Valley Investments, along with a crowd of more than 70 avid supporters – including City of Rancho Cordova officials and community leaders – celebrated the Grand Re-opening of The Cascades Apartment Homes. The workforce housing property is an acquisition/rehabilitation of an existing 112-unit apartment complex in Rancho Cordova, a new city in Sacramento County.
“Today is about acknowledging the renovation of this property and celebrating with those who made it possible,” said Laura Archuleta, president of Jamboree Housing. “Our network of public and private partnerships for The Cascades helps us to fulfill our mission of improving the quality of life for our residents and the communities in which they live.” She underscored the quality of renovation, property management and resident services that the project reflects and was enthusiastic about its positive ripple effect on other developments in the area.
A joint venture of Jamboree Housing Corporation and Capital Valley Investments, the two-story, garden-style buildings consist of 16 studio, 40 one-bedroom and 56 two-bedroom apartments and are affordable to working families who earn between $23,500 and $43,500. A priority in developing The Cascades was to elevate the quality of the complex, preserve affordability for existing residents, and revitalize an existing infill neighborhood.
Rancho Cordova Mayor David Sander emphasized that the renovation brings a renewed sense of community to the City – a major priority for the City Council with the closing of Mather Air Force Base and the downsizing of a major corporation in the area. He added that projects like this “reflect the best of what our neighborhoods can and will be as we look to the future.” He expressed enthusiasm for the creation of more projects like The Cascades – especially for senior adults. Matt Cummings of the Lincoln Village Neighborhood Association noted that the relationship between the City and key partners is what will continue to be essential to the blueprint for future redevelopment in the City.
Extensive rehabilitation efforts included new roofs, Hardie board siding with a 50-year warranty and energy-efficient, dual-glazed windows on the building exteriors. Inside, new appliances, cabinetry, plumbing fixtures, HVAC and floor coverings were installed in units as needed. Construction was completed in nine months and no residents were displaced as a result of the renovations. The Cascades now features a brand new community center, in addition to the refurbished swimming pools, tot lot, community garden, re- landscaped green belts, two laundry facilities and covered parking. Guests at the event toured the complex, including a model unit and community center.
“It’s great to work with Capital Valley Investments’ construction partner, GALA Construction, as well as its property management partner, FPI Management Company. They’ve gone out of their way to create a community center that makes a difference for residents and their families,” said Sam Mistrano, director of Jamboree’s resident services division, Housing with HEART (Helping Educate, Activate and Respond Together). Programs already underway include after-school tutoring, health and wellness workshops as well as computer access and training for both children and adults.
Archuleta thanked her board and staff as well as other strategic and financial partners with which Jamboree Housing collaborated, including the Sacramento Housing and Redevelopment Agency (SHRA) and Citigroup Global Markets, Inc., crediting their diligence to leverage a nexus of public and private funds for the acquisition and renovation which totaled more than $14.4 million.
Darren Horning, principal of Capital Valley Investments told the crowd that after two and a half years of work, it felt great to mark the moment. Deidre Spears and Ella Adamovich, both residents of the Cascades, couldn’t agree more. “I’m so appreciative of the home, programs and opportunities afforded to me and my family at The Cascades. It seems like someone really cares,” said Spears, a high-end salon hairstylist who relocated from Berkeley after a work disability changed her income drastically.
Adamovich, the 13-year-old daughter of Russian immigrants, was originally slated to translate for her mother as she addressed the crowd. Stage fright got the best of her mom so Adamovich thanked the crowd personally. Poised and articulate, she summed up the celebration well. “I like that my parents moved to The Cascades. I love everything about my home.”
About Jamboree: Founded in 1990, Jamboree Housing Corporation is a broad-based nonprofit housing development company that develops, acquires, renovates and manages permanently affordable rental and ownership housing for lower-income families and seniors throughout California. Jamboree Housing is Orange County’s leading nonprofit developer with a portfolio that includes the development of and/or ownership interest in more than 5,000 affordable rental apartment homes in more than 35 California communities. With more than a dozen properties in Northern California, Jamboree Housing is a member of the Nonprofit Housing Association of Northern California and the Rancho Cordova Chamber of Commerce. Jamboree Housing slates a Northern California regional office opening for 2008.
Housing with HEART (Helping Educate, Activate and Respond Together) is a 501 (c)(3) organization and a division of Jamboree Housing Corporation. Currently, Housing with HEART programs and services are offered at 24 JHC communities with designated staff at each location. More information is available on the company’s Web sites at www.jamboreehousing.com and www.housingwithheart.org.
About Capital Valley Investments: Located in Rocklin, California, Capital Valley Investments is engaged in the acquisition, development, redevelopment, financing, ownership, and asset management of real estate properties in California and the Western United States. Its team of uniquely qualified professionals focuses on all facets of real estate development and long-term asset stewardship. The company’s principals established a reputation as a developer, owner and manager of multifamily residential properties in Southern California that spans three decades. The company’s apartment portfolio encompasses both market-rate and affordable communities. Currently, Capital Valley Investments is the largest apartment owner in the Sacramento market.