Oak Grove Apartments Opens in Hitachi Master-planned Community
SAN JOSE, Calif. – (RealEstateRama) — ROEM Corporation announced today the opening of its Oak Grove Apartments, a $34 million development in San Jose providing 134 units of permanently affordable housing to low-income families earning at or below 60 percent of the Santa Clara County area median income.
Located at 5568 Lexington Avenue on what was formerly the Hitachi Global Storage Technologies campus, Oak Grove Apartments is part of a 295-acre master-planned community that will include condominiums, apartments, attached townhomes, many pocket parks, and a large 10-acre park with a baseball field.
“San Jose has one of the most expensive rental markets in the country,” said ROEM Corporation Executive Vice President Alex Sanchez. “As our city planners continue to address affordability issues at a policy level, ROEM remains focused on financing and building critically needed affordable housing that is transit-oriented and close to jobs. Oak Grove encapsulates what developers can do best for areas struggling with the rising costs of rent: provide amenity-rich, sustainable homes for San Jose’s families and individuals.”
Oak Grove Apartments consists of a five-story apartment building wrapped around a multi-story 149-space parking garage. Amenities include a community room with kitchen, computer room, children’s outdoor play area, gym, laundry facility, and outdoor courtyard.
ROEM is dedicated to building sustainable housing and is currently pursuing LEED Gold certification for Oak Grove Apartments. In addition to being constructed with sustainable building methods and materials, Oak Grove Apartments includes a number of ‘green’ features to ensure the development’s long-term energy-efficiency and sustainability. These include: water-efficient fixtures; efficient landscape design using native species and zero turf; Energy Star appliances; high efficiency windows; solar PV system; and exceeding Title-24 building energy efficiency standards by 19 percent.
“We are thrilled that Oak Grove Apartments will be home to families who may not otherwise be able to find suitable housing in San Jose,” said Jay Abeywardena, Director, Citi Community Capital. “As the issue of affordable housing reaches critical levels, Citi continues to be committed to financing properties like this one.”
Oak Grove Apartments development is being financed through four percent Low Income Housing Tax Credits and tax-exempt bond financing. Citi Community Capital provided a permanent loan of approximately $17.8 million. Funding was also provided by Alliant Capital, Ltd. Pacific Housing is a partner on the project. The architect is Architects Orange and the general contractor is ROEM Builders, Inc.
Oak Grove Apartments is fully leased.
About ROEM Corporation
ROEM Development Corporation, ROEM Builders, Inc., and their affiliated entities are a full-service development and construction organization that has specialized in the acquisition, planning, financing, new construction, renovation and asset management of market-rate and affordable housing throughout California for more than 30 years. Ranked in Affordable Housing Finance magazine’s Top 50 Affordable Housing Developers of 2015 list and a registered member of USGBC and Build It Green, ROEM is dedicated to creating wholesome communities that are not only sustainable but also designed smarter to ensure that residents are healthier, happier and safer. ROEM has completed more than 3,000 affordable housing units with more than 1,000 units currently under construction. For more information, visit www.ROEMcorp.com.
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MONAGHAN COMMUNICATIONS, INC.