BUENA PARK, CA-Parking Landing Apartment Homes, a 70-unit, four-story, affordable-housing project here, has opened. The energy-efficient project is believed to be the first in Orange County to incorporate a substantial, 20,000-square-foot sustainable “green roof.”
As GlobeSt.com previously reported, developer Jamboree Housing Corp. broke ground on the housing project in April 2012 on a 2-acre urban infill site at 8850 La Palma Ave. owned by the City of Buena Park. At the time, Jamboree told GlobeSt.com that soft development costs were estimated to be $6.3 million, with hard construction at $12.12 million and land at $3.6 million for a total developmental cost of around $22 million.
WNC has provided $7.5 million in low-income housing tax credit equity to fund the project. In addition, the property received a tax-credit allocation under California's Title 24 energy-conservation regulation, requiring that the property's energy-efficiency exceed 15%; Park Landing is expected to achieve greater than 21% energy efficiency.
Also, the project has received a $3.5-million construction loan from US Bank and $4.8 million in funding from the California Department of Housing & Community Development Multifamily Housing Program. The 2-acre site was purchased from the Buena Park Redevelopment Agency for $3.6 million.
“WNC is proud to have participated in the development of Park Landing Apartment Homes, which is nothing short of revolutionary for the Orange County area,” says Gregory Hand, SVP, underwriting, for WNC. “Great care was taken to ensure that what was previously an urban-infill site would become an exceptional affordable and sustainable community that improves the lives of its residents and the entire county.”
The garden-style apartment community offers a mix of one-, two- and three-bedroom units and is available to working families earning between 30% and 60% of the area's median income level. There are a variety of property amenities, including an outdoor patio area, children's play area with an Imagination Playground containing moveable building pieces to promote cognitive and social abilities, barbeque and picnic areas and a basketball court. Residents are also able to enjoy a community center, fitness room, tutoring and computer lab, kitchen and laundry facilities.
However, perhaps the most intriguing amenity of the project is the green roof, which covers its 142-space asphalt parking area to promote biodiversity and carbon sequestration, which facilitates the absorption of carbon dioxide by nearby green plants. The green roof will reduce the so-called “heat island effect” generated by the asphalt of an open parking area, as well as capture, reduce and filter storm water runoff to be used throughout the property.
The complex also utilizes water-efficient landscaping and is designed to comply with the US Green Building Council's LEED for Homes Gold rating. Each unit is equipped with Energy Star appliances, tankless water heaters, low-flow restrictors and other sustainable features.
According to Laura Archuleta, president of Jamboree, “Park Landing is an exceptional public/private achievement that we believe will pioneer a new generation of sustainable multifamily developments in urban areas by use of a green roof. In addition to this creative approach to enhance its sustainability, Park Landing will provide a substantial boost to the local workforce housing market.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
