WNC, a national investor in real estate and community development initiatives, completed the Park Landing Apartment Homes, a 70-unit, four-story affordable housing project in Buena Park, Calif. WNC provided $7.5 million in low-income housing tax credit (LIHTC) equity to fund the energy-efficient project, which is believed to be the first in Orange County to incorporate a substantial sustainable green roof, totaling approximately 20,000 square feet.
With a total project cost of $22 million, Park Landing Apartment Homes is located on La Palma Avenue and was developed in partnership with Jamboree Housing Corporation. The garden-style community offers a mix of one-, two- and three-bedroom units and is available to working families earning between 30 percent and 60 percent of the area’s median income level.
Property amenities include: an outdoor patio area; children’s play area with an Imagination Playground containing moveable building pieces to promote cognitive and social abilities; barbeque and picnic areas; and a basketball court. Residents are also able to enjoy a community center, fitness room, tutoring and computer lab, and kitchen and laundry facilities.
“WNC is proud to have participated in the development of Park Landing Apartment Homes, which is nothing short of revolutionary for the Orange County area,” said WNC’s Gregory Hand, senior vice president, Underwriting. “Great care was taken to ensure that what was previously an urban infill site would become an exceptional affordable and sustainable community that improves the lives of its residents and the entire county.”
Park Landing Apartment Homes utilizes a 20,000-square-foot green roof that covers its 142-space asphalt parking area to promote biodiversity and carbon sequestration, which facilitates the absorption of carbon dioxide by nearby green plants. The green roof will reduce the heat island effect generated by the asphalt of an open parking area, as well as capture, reduce and filter storm water runoff to be used throughout the property.
Park Landing Apartment Homes also utilizes water efficient landscaping and is designed to comply with the LEED for Homes Gold rating. Each unit is equipped with ENERGY STAR appliances, tankless water heaters, low-flow restrictors and other sustainable features.
“Park Landing is an exceptional public/private achievement that we believe will pioneer a new generation of sustainable, multifamily developments in urban areas by use of a green roof,” said Jamboree Housing Corporation President Laura Archuleta. “In addition to this creative approach to enhance its sustainability, Park Landing will provide a substantial boost to the local workforce housing market.”
In addition to Park Landing Apartment Homes’ $7.5 million LIHTC funding provided by WNC, the property received a tax credit allocation under California’s Title 24 energy conservation regulation, requiring that the property’s energy efficiency exceed 15 percent. Park Landing Apartment Homes is expected to achieve more than 21 percent energy efficiency. The project also received a $3.5 million construction loan from U.S. Bank and $4.8 million in funding from the California Department of Housing & Community Development Multifamily Housing Program. The 2-acre site was purchased from the Buena Park Redevelopment Agency for $3.6 million.
Park Landing Apartment Homes is located in close proximity to shopping, job centers and various public services, as well as two major bus lines that provide 185 daily rides to major work centers in Orange County and downtown Los Angeles. The community is within the Magnolia School District, which includes five elementary and secondary schools within 1.5 miles of the property.
General Contractor: SBI Builders
Onsite Property Manager: The John Stewart Company
Designer and Architect: Newman Garrison + Partners
