Community HousingWorks Opens City's Third Affordable Housing Community

Community HousingWorks (CHW) has opened the Portola Senior Apartments off Glenn Ranch Road and Saddleback Road. 

This is CHW's first community in Orange County. The Portola Senior Apartments is a standalone, four-story building with ground-floor retail space. The property features 58 one-bedroom apartments (including one designated for an onsite property manager) for singles or couples ages 62 years and older living on 50 percent of the area median income (AMI) or less, approximately $50,000 per year.

Residents pay $1,264 per month for rent (after a utility allowance) and have an array of amenities to enjoy, including a clubhouse, landscaped courtyards, and close proximity to storefronts. More than 750 people applied to live in Portola within three months of opening the interest list and the apartments were 100 percent occupied in less than 30 days after opening. Nearly 1,000 applicants are still on the waiting list.

Funding sources for Portola Senior Apartments included Pacific Western Bank as the construction and permanent financing lender; Red Stone Equity Partners as the tax credit equity investor; SunRanch Capital Partners LLC as the soft lender; and tax-exempt bonds issued by California Municipal Finance Authority, California Tax Credit Allocation Committee, and the California Debit Limit Allocation Committee. 

The development team included general contractor Sunrise Pacific Contruction Inc.; architectural firm AVRP Studios; civil engineering firms Lundstorm Engineering & Surveying and Hunsaker & Associates; and landscape architect Ridge Landscape Architects. 

Watch the Mayor's Minute on the Portola Senior Apartments Grand Opening to hear how important this community is to its residents.