Affirmed Housing has completed Alora, a 100-unit affordable housing community in San Marcos, Calif. With an estimated $40 million cost, the project is a collaborative partnership between the San Diego County, City of San Marcos and Affirmed Housing, according to The Coast News Group.
Other partners involved in the project include DAHLIN Group Architecture Planning, BNBuilders, Masson & Associates, Monica Mroz Landscape Architect and Compass for Affordable Housing. The 83,775-square foot development serves residents earning between 30 and 50 percent of the area median income.
According to Yardi Matrix, the financing for the fully affordable community included:
- a $21.5 million construction loan originated by JPMorgan Chase
- an $8.3 million construction loan provided by the City of San Marcos
- a $6.2 million construction loan from the County of San Diego Health and Human Services Agency
The GreenPoint Rated development encompasses four buildings with one-, two- and three-bedroom floorplans. The common-area amenities feature a swimming pool, a community room, a playground, barbeque areas, bike parking, laundry facilities and approximately 171 parking spaces. The community will offer programs dedicated to health, wellness, financial literacy, parenting and on-site services such as computer training.
Part of a two-phase project, Alora replaces the Mariposa development, a 70-unit affordable housing community built in the 1990s. During the first phase, the developers demolished 40 old apartments to create the new 100 affordable units, while the second phase will replace the remaining 30 units, The Coast News Group also reported.
Alora is located at 604 Richmar Ave., in San Marcos’s Richmar neighborhood. The 8.4-acre site is within walking distance of multiple dining options, retail centers and green areas.
