Standard Communities has led a public-private partnership that acquired Foothill Villas Apartments, a 100% affordable community comprising 239 units in 37 residential buildings on a 22-acre site in San Bernardino, CA. Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD), and the nonprofit Housing On Merit.
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Standard will undertake a $20.4 million comprehensive renovation of Foothill Villas, investing more than $85,000 per unit. The renovation features the installation of a 750-kW solar PV system providing electricity to all apartments and common areas. Individual units and common areas will be renovated, and amenity spaces upgraded. Robust resident services will also be provided.
“In addition to saving the residents an average of $1,050 annually in electricity costs, the 1.368 million kWh of electricity generated each year by the new solar photovoltaic system will provide significant environmental benefits. This system will offset the equivalent of 968 metric tons of carbon, which is the equivalent of cars driven 2.4 million miles annually or consuming 109,000 gallons of gasoline,” said Jeff Jaeger, Co-Founder and Principal of Standard.
In addition to extending the affordability of Foothill Villas for the long-term, the transaction has a total capitalization of approximately $97 million and was financed with Tax-Exempt bonds through the CDLAC and federal Low-Income Housing Tax Credits provided by the California TCAC. All units are covered by a Project-Based Section 8 Housing Assisted Payment contract. Situated in an Opportunity Zone, Foothill Villas Apartments was built in 1966 and is located at 2601-2675 West 2 nd Street in San Bernardino.
“The City of San Bernardino is delighted to welcome Standard Communities’ commitment to preserving affordable housing for low-income families. The acquisition and renovation of Foothill Villas will ensure the long-term affordability of 239 apartment homes, and the project represents a $97 million of capital investment in the City,” said Councilman Theodore Sanchez of San Bernardino’s Ward 1. “The acquisition of Foothills Villas Apartments expands Standard’s significant presence in Southern California,” said Robert Koerner, Standard’s Chief Investment Officer. With the Foothills Villas transaction, Standard has over 3,340 affordable units in California. It recently acquired Villa Raymond Apartments in Pasadena, CA and partnered with the City of Carson and CSCDA to acquire Renaissance at City Center in Carson, CA, both affordable or workforce housing communities.
“Housing on Merit’s commitment to preserving affordable housing has not wavered during the pandemic, which has reinforced how important it is to continue to provide residents with safe and affordable places to live. To that end, we’re grateful for our partnership with Standard Communities in preserving and extending the affordability of Foothill Villas,” said Jennifer Litwak, Executive Director for Housing on Merit.
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Tags: CA., commercial, Foothill Villas Apartments, Housing On Merit, San Bernardino, Standard Communities