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| Cabrillo Family Apartments, 1640 Cabrillo Avenue, Torrance, CA |
TORRANCE, CA,
(June 16, 2015) – Meta Housing Corporation has announced the completion of the
Cabrillo Family Apartments, a 44-unit, mixed-used, affordable/workforce family
apartment community at 1640 Cabrillo Avenue in Torrance, California.
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| Kasey M. Burke |
“Like many
communities in Los Angeles County, Torrance has a deep need for quality
affordable housing to accommodate its growing workforce,” says Kasey Burke, President of Meta Housing
Corporation.
“By replacing a run-down, vacant commercial
building in downtown Torrance with this newly designed, quality affordable
housing, we are filling a void in the community and creating an environment
where local workers and families can thrive.”
Burke notes
that apartment rents continue to rise throughout the Los Angeles metro area,
creating an even more urgent need for affordable developments.
“As job
growth continues and rents climb, workers are often forced to seek housing
outside of their city of employment. Cabrillo Family Apartments will help to
alleviate this problem in Torrance by delivering housing that workers can
afford in a location that is close to employment.”
Meta Housing
Corporation worked closely with the City of Torrance, as well as its longtime
partner Bank of America to obtain the financing necessary to bring this project
to fruition.
Bank of
America Merrill Lynch acted as the tax credit investor and provided
construction financing for the project, for a combined total of nearly $23
million. Additional financing partners included the City of Torrance, and the
California Community Reinvestment Corporation.
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| Charmaine Atherton |
Bank of
America Merrill Lynch has successfully partnered on 14 projects with Meta
Housing, and we’re excited to continue supporting their vision with Cabrillo
Family Apartments, our third grand opening with them this year,” says Charmaine Atherton, senior vice
president of community development banking at Bank of America Merrill Lynch.
“Cabrillo Family Apartments is a great
demonstration of the bank’s commitment to the South Bay, generating economic
growth and creating safe, high-quality affordable housing available to families
in Torrance.”
Constructed
above 3,731 square feet of neighborhood-serving retail, Cabrillo Family
Apartments sits three stories high along the front of Cabrillo Avenue and four
stories high along the alley towards the rear of site, explains Meta Housing
Corporation Senior Vice President Aaron
Mandel.
“Cabrillo
Family Apartments serves as a catalyst for economic revitalization for the
city,” says Mandel. “The project brings together workers and families, as well
as retail and affordable housing.
Through this cohesion, we are able to improve
the vitality of the surrounding neighborhoods and create a community that
contributes to a more productive workforce and a happier, healthier city.”
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| Aaron Mandel |
Mandel notes
that the development of the retail spaces directly below the apartment
community will not only increase the retail offerings in the area, but also
create an environment where residents can further connect with their community.
“Today’s
workers, especially those in the Millennial demographic, like to live, work and
play all in the same location,” Mandel continues. “This development delivers
that connected lifestyle, allowing residents to live affordably in housing that
is close to their jobs, and also easily walkable to nearby amenities and retail
offerings.”
According to
Mandel, Meta Housing is committed to developing projects that contribute to its
residents’ overall well-being, while also contributing to the cities in which
these projects are built.
The Cabrillo
community offers a variety of amenities, including private balconies and a
7,580 square-foot courtyard, as well as a community room, classroom, and
recreational deck, among others.
The Cabrillo
Family Apartment community was developed by Meta Housing in partnership with
Synergy Community Development Corporation, and was built to LEED Gold
Certification standards.
The apartment
community is comprised of affordable one-, two-, and three-bedroom floor plans.
For a complete copy of the company’s
news release, please contact:
Lexi
Astfalk/Jenn Quader
Brower,
Miller & Cole
(949)
955-7940
