USA Properties Fund Plans $21M Vintage at Marja Acres in Carlsbad, California

by Jeff Shaw

CARLSBAD, Calif. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55.

The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant.

Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment.

Construction on the $21 million apartment community is scheduled to start in the late summer, with leasing beginning in fall 2024.

“Providing housing for all income levels and ages is a critical part of our housing plan in Carlsbad,” says Mandy Mills, who leads the City of Carlsbad’s Housing & Homeless Services Department. “Affordable housing is a huge challenge for coastal cities like Carlsbad, which is why projects like this are so important.”

The City of Carlsbad, Riverside Charitable Corporation and WNC Inc. are partners in Vintage at Marja Acres. JP Morgan Chase is the construction and permanent lender for the project.

Residents at least 55 years old who earn 30 percent to 60 percent of the area’s median income for San Diego County — about $27,000 to $62,000 per year — are eligible to live in Vintage at Marja Acres. Rents for the one-bedroom apartment community will average about $1,200, depending on the income of residents.

IHP Capital Partners and KB Homes are partnering in Marja Acres’ overall development. The infill community pays homage to a former nursery that once occupied the property through its name and urban farm aesthetic. The neighborhood will also include a range of amenities such as a daycare, 2,000 square feet of restaurant space, parks, community center, dog park and others.

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