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Location:
10931 Gerana Drive, Rancho Penasquitos
community in San Diego.
Project Description:
There
are 504 units -- 440 two-bedrooms and 64 three-bedrooms.
Approximately 70% of the units are rented to
families earning 60% or less area median income.
Rent levels for the remaining units are 85% area
median income.
Background and Status:
Purchased in June, 2000.
Property renovation of over $5 million was completed
in December 2001.
A limited partnership between Wakeland and Fairfield
Residential. Wakeland
is the managing general partner.
Property Management:
Fairfield Residential
Financing Sources:
Tax-exempt bonds, tax credits, and a loan from the San Diego Housing Commission.
Resident Services:
Resident
services include after-school programs, computer classes
and a variety of sports activities.
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