ADDRESS:
Ridgewood:
5412 47th Avenue
Sacramento CA 95824
(916) 392-4660
La Loma:
2088 West La Loma Drive
Rancho Cordova, CA 95670
(916) 366-5796
COUNTY: Sacramento
PROJECT DESCRIPTION:
Las Palmas and Bentall Residential purchased this 75-unit HUD project-based Section 8 apartment complex in 2007. The Multi-family project consists of two separate apartment complexes located within Sacramento and Rancho Cordova. Both complexes have the same building designs and systems. The sites are managed as a single complex from the leasing office at Ridgewood.
Originally built in 1979-1980, Ridgewood and La Loma underwent an extensive refurbishment in 2008. The improvements included new windows and blinds, repair and replacement of kitchen and bath cabinets and countertops, replacement of flooring, and miscellaneous plumbing improvements. Stoves, sinks and refrigerators were also replaced. Roofing, drywall, stucco and building siding were upgraded as needed. Common areas and landscaping were upgraded.
AMENITIES INCLUDE:
Leasing Office
Laundry Facilities
Mature Landscape Features
Ridgewood and La Loma are both situated in a well-developed, mature and diverse neighborhood. Ridgewood is surrounded by various schools and residential buildings. La Loma surrounded by residential buildings that include homes, apartment buildings and condominiums. Both communities are affordable to residents earning between 50% – 60% of the area median income.
PROPERTY MGMT: The John Stewart Company
FINANCING:
Tax Credit Equity Investor: AIMCO
Construction and Permanent Lender: CalHFA
HUD Subsidy: Project-based Section 8
UNIT MIX:
75 Units
Number of Units / Bedrooms / Unit Size
18 / 1 / 540-670 sq. ft.
37 / 2 / 865 sq. ft.
18 / 3 / 1,085 sq. ft.
2 manager / 2
100% AFFORDABLE:
Number of Units / % AMI
23 / 50%
50 / 60%
2 manager
RESIDENT SERVICES: More Information
