Twin Oaks Apartments
Twin Oaks Apartment, located in Vacaville, CA is a 46-unit family property built in 1983.
The property’s redevelopment strategy required generating maximum loan proceeds, achieved by leveraging a HUD Insured 223(f) Loan and Housing Assistance Payment (HAP) Contract. This structure ultimately yielded $48,000 per unit of rehabilitation, improving both the comfort and value derived by residents.
Resident units received upgrades to cabinets, countertops, flooring, paint, and lighting & plumbing fixtures. Exterior improvements included replacement of fencing, painting and replacement of the property’s picnic tables.
Resident Services are provided by Tooth Travelers, a mobile dental program that provides access to dental treatment and education. Residents receive, at no charge, regular and ongoing access to dental services without having to leave the property; making treatment extremely convenient.
The project’s new dual-paned windows save residents money on gas and electricity bills and round out the full complement of improvements set to safeguard this community asset.
Summary
Name: Twin Oaks Apartments
Location: Vacaville, CA
Property Type: Family, 100% Affordable
Total Project Cost: $8,415,146
Unit Mix: 46 Units
- 12 1-Bedroom Units
- 22 2-Bedroom Units
- 12 3-Bedroom Units
Date Acquired: February 5, 2013
Rehabilitation Cost: $2,204,497
Financing Partners: CBRE HMF, Inc.
RBC Tax Credit Equity
Financing: HUD Insured 223(f) Loan
Low Income Housing Tax Credits
HUD Housing Assistance Payment Contract
