Villa Vasona Apartments
Villa Vasona Apartments is a 107- unit, senior property situated on a tree-lined street in Los Gatos, CA within very close proximity to El Camino Hospital. The property, originally constructed in 1983, offers residences to an exceptionally wide portion of the AMI spectrum (from 30% AMI to 60% AMI), providing housing to some seniors with truly the greatest need.
The preservation plan called for a HUD Mark-To-Market process coupled with a HUD Insured 223(f) Loan product. The transaction made possible the investment in the property an amount equivalent to $41,000 per unit. Improvements were made to resident interiors, exterior common areas, and property structures.
Resident units received upgrades to cabinets, countertops, flooring, paint, and lighting & plumbing fixtures. Exterior improvements included improvements to resident balconies and landscaping throughout the site.
Summary
Name: Villa Vasona Apartments
Location: Los Gatos, CA
Property Type: Senior, 100% Affordable
Total Project Cost: $23,150,735
Unit Mix: 107 Units
- 81 Studios
- 26 1-Bedroom Units
Date Acquired: February 5, 2013
Rehabilitation Cost: $23,150,735
Financing Partners: CBRE HMF, Inc.
RBC Tax Credit Equity
Financing: HUD Insured 223(f) Loan
Low Income Housing Tax Credits
Tax-Exempt Multifamily Housing Bonds
HUD Housing Assistance Payment Contract
