CypressCove1CHW acquired Cypress Cove Apartments in 2014 and with this purchase, now has a total of 351 homes on nine properties in the City of Escondido.

The 200 apartment Cypress Cove Apartments in Escondido features large two and three bedroom townhome apartments, a community center, two swimming pools and an extensive 12 acre site.

Originally built in 1977, the complex was modestly renovated in 2000 with tax credits and tax exempt bonds. CHW acquired the property in 2014 with the objective of preserving the affordability of the community. CHW’s renovation will address long-deferred maintenance needs, and the property will receive a much-needed facelift.

The upcoming rehabilitation serves to preserve the affordability of these 200 apartment homes in Escondido for low-income families, seniors, and individuals. Cypress Cove resides on an 11.6-acre site and is comprised of 1, 2, and 3 bedroom apartments within a mix of two-story townhomes and flats. These apartments are affordable to residents earning up to $48,600 (for a family of four at 60% of the Area Median Income).

CHW is financing the total acquisition and renovation budget of $40.5 million with funding from the City of Escondido, Union Bank, US Bank, and the federal Low Income Housing Tax Credit program. The rehabilitation is expected to be completed in late 2016.

Highlights:

  • Cost-effective, sustainable, green upgrades including solar
  • 200 one, two, and three bedroom apartments
  • Affordable to working families, seniors, and individuals earning from 50% to 60% Area Median Income
  • Close proximity to community services and neighborhood amenities, such as public transportation, shopping, and schools

Funding Sources:

  • MUFG Union Bank, Construction and Permanent Lender
  • US Bancorp Community Development Corporation, Low Income Housing Tax Credit Investor
  • City of Escondido, HOME Program Funds
  • CA Tax Credit Allocation Committee, Low Income Housing Tax Credits

 

Design and Construction Partners:

  • Community HousingWorks, Developer
  • The John Stewart Company, Architect
  • Sun Country Builders, General Contractor

More information about this refinance and rehabilitation coming soon!