Aspen Wood
LOCATION
San Ramon, CA
UNITS
123
ACQUIRED
2020
ASSET TYPE
Senior Affordable
PROPERTY TYPE
High-rise
Community Spotlight
Aspen Wood is a new $55 million ground up senior affordable housing development in San Ramon, CA. A true public-private partnership, financing for Aspen Wood was provided by the City of San Ramon, the California Municipal Finance Authority (CMFA), the California Debt Limit Allocation Committee (CDLAC), the California Tax Credit Allocation Committee (CTCAC) with Low Income Housing Tax Credits (LIHTC) arranged in partnership with Boston Financial and Candeur. Construction and long-term financing were provided by East West Bank.
The Challenge
The plot of land was originally intended to be a luxury development, but Standard Communities worked closely with the City of San Ramon to turn the site into affordable housing for seniors. With the cost of living rising across the region and nation, adding more affordable housing in this area is absolutely essential.
The Game Plan
The Aspen Wood development, expected to be complete in January 2024, is a 4-story 128,000 square foot building currently under construction on an urban1.4-acre site in San Ramon, CA. Amenities at the newly constructed community will include a community room, recreation deck/courtyard, fitness center, business center, and pet spa.
The Outcome
Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30% and 60% of the Area Median Income, which equates to household incomes at or below $30,000 and $60,000 respectively per year. The 128,000 square foot affordable senior community will offer an excellent quality of life for its residents.
