Los Vecinos

Location:

Property Management:

ConAm Management
(619) 426-2490

Project Description:

The project contains 42 units (12 one-bedrooms, 16 two-bedrooms, and 14 three-bedrooms). All units are rented to families earning 60% or less area median income. Electricity for the units and common areas are provided by a solar photovoltaic system.

Background & Status:

This is a new construction project. Construction began in March 2008 and was completed in April 2009. The project is owned by Los Vecinos, LP in which Wakeland is the sole general partner. The project is registered with the U.S. Green Building Council and has received Platinum certification under USGBC’s LEED (Leadership in Energy and Environmental Design) program.

Financing Sources:

Red Capital Markets, Inc. has purchased the low-income housing and solar tax credits for this project. Wells Fargo Bank is the construction lender and the California Community Reinvestment Corporation is the takeout permanent lender. The Redevelopment Agency of the City of Chula Vista has provided a soft second loan.

Resident Services:

On-site Resident Services are provided. Customized services include eco-friendly living resources.