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| Rendering of planned affordable multifamily housing development in Palmdale, CA |
Palmdale, CA– RAAM Construction, Inc., a general building construction firm specializing in multifamily projects throughout California, has broken ground on the construction of an affordable multifamily housing development in Palmdale, California.
Palmdale Terrace is expected to be completed in May 2023. The development is located at SW 25th St East and East Ave, Palmdale, CA 93550.
Palmdale Terrace will consist of a three-story building connected to a two-story building with a total of 151 family apartment units in Palmdale, an area where budget-friendly housing for families is scarce, according to Richard Lara, President of RAAM Construction.
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| Richard Lara |
“There is a deep need for new and affordable housing in Palmdale, as vacant housing units currently sit at just 7.4%” says Lara. “Palmdale Terrace will help fill this void in the community by providing brand-new, fully equipped and affordably priced residential units for families and individuals that need it most.”
RAAM is working closely with Meta Housing Corporation, a developer of affordable housing communities for families and seniors, along with Western Community Housing, AMJ Construction Management and Y&M Architects, to deliver the new residences for individuals and families in the Palmdale market earning between 30% and 60% of Los Angeles County’s median income.
Valued at roughly $60,900,000, the project is being developed with the help of a construction loan from Pacific Western Bank, and potentially other sources, for $40,502,120.
Contacts:
Katie Haga / Lexi Astfalk
Brower Group
(949) 438-6262
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