TURLOCK, CALIF. – May 26, 2014 – (RealEstateRama) — On Thursday, March 20, EAH Housing and the City of Turlock celebrated the grand opening of Avena Bella, a multifamily, affordable community for low income families. Avena Bella is a collaborative effort between EAH and the City of Turlock. It is located at 500 West Linwood Avenue and consists of 80 apartments in eight Mediterranean-themed buildings.
“This is an exciting moment for the City of Turlock,” said Mayor John Lazar. “Avena Bella is an exemplary example of what can be accomplished when public-private partnerships come together and create opportunities for families to get ahead.”
Rents at Avena Bella are based on household size and income, and can range from $317 to $736 for a two-bedroom apartment, to $374 to $858 for a three-bedroom. Residents have access to a community center, community garden, play area, technology lounge, swimming pool, and landscaped walkways between buildings.
“It’s our privilege to develop a community that will transform lives for the better,” said Mary Murtagh, EAH Housing President and CEO. “We’re thankful to work with the city and our many partners to make a difference, to provide housing and hope.”
Built with sustainability in mind, Avena Bella is slated to be LEED Certified and GreenPoint Rated. It incorporates solar power, energy-efficient heat pumps for heating and cooling, and a continuously running energy recovery ventilation system that brings in fresh, filtered outside air.
The property features generous amounts of open space, including a large central grass field and play area. There are many strategically placed trees to help shade indoor and outdoor spaces. A storm water retention system captures all rainwater on site. With the exception of some fruit trees, the landscaping at Avena Bella features all California native plants.
Financial participants include Chase Community Development Banking, the City of Turlock , the Federal Home Loan Bank Affordable Housing Program, and the California Tax Credit Allocation Committee. In addition, Enterprise Community Partners serves as the equity syndicator, with JPMorgan Capital Corporation as the equity partner and upper tier investor.
“Avena Bella is a significant addition to Turlock by EAH Housing, known for their commitment to building sustainable properties, providing quality property management, and offering resource coordination services such as financial workshops, afterschool activities, and enrichment classes. Enterprise is pleased to continue our support of EAH Housing,” said Philip Porter, Vice President, Enterprise Community Investment.
“Chase believes in creating partnerships that generate jobs and promote progress and housing opportunities. We’re proud to be a resource and partner with extraordinary organizations like EAH Housing and the City to improve the quality of life for so many people,” said Paul Carney, Vice President, Chase Community Development Banking.
Once funding can be secured, a second phase of Avena Bella is anticipated to add 61 more apartments to the complex and serve even more families.
Established in 1968, EAH Housing is one of the oldest and most respected nonprofit developers and managers in the western United States. EAH has developed more than 7,268 homes and manages 108 properties serving working families, students and seniors in 50 municipalities throughout California and Hawaii