“Like many communities in Los Angeles County, Torrance has a deep need for quality affordable housing to accommodate its growing workforce,” says Kasey Burke, President of Meta Housing Corporation. “By replacing a run-down, vacant commercial building in downtown Torrance with this newly designed, quality affordable housing, we are filling a void in the community and creating an environment where local workers and families can thrive.”
Burke notes that apartment rents continue to rise throughout the Los Angeles metro area, creating an even more urgent need for affordable developments.
“As job growth continues and rents climb, workers are often forced to seek housing outside of their city of employment. Cabrillo Family Apartments will help to alleviate this problem in Torrance by delivering housing that workers can afford in a location that is close to employment.”
Meta Housing Corporation worked closely with the City of Torrance, as well as its longtime partner Bank of America to obtain the financing necessary to bring this project to fruition.
Bank of America Merrill Lynch acted as the tax credit investor and provided construction financing for the project, for a combined total of nearly $23 million. Additional financing partners included the City of Torrance, and the California Community Reinvestment Corporation.
“Bank of America Merrill Lynch has successfully partnered on 14 projects with Meta Housing, and we’re excited to continue supporting their vision with Cabrillo Family Apartments, our third grand opening with them this year,” says Charmaine Atherton, senior vice president of community development banking at Bank of America Merrill Lynch. “Cabrillo Family Apartments is a great demonstration of the bank’s commitment to the South Bay, generating economic growth and creating safe, high-quality affordable housing available to families in Torrance.”
Constructed above 3,731 square feet of neighborhood-serving retail, Cabrillo Family Apartments sits three stories high along the front of Cabrillo Avenue and four stories high along the alley towards the rear of site, explains Meta Housing Corporation Senior Vice President Aaron Mandel.
“Cabrillo Family Apartments serves as a catalyst for economic revitalization for the city,” says Mandel. “The project brings together workers and families, as well as retail and affordable housing. Through this cohesion, we are able to improve the vitality of the surrounding neighborhoods and create a community that contributes to a more productive workforce and a happier, healthier city.”
Mandel notes that the development of the retail spaces directly below the apartment community will not only increase the retail offerings in the area, but also create an environment where residents can further connect with their community.
“Today’s workers, especially those in the Millennial demographic, like to live, work and play all in the same location,” Mandel continues. “This development delivers that connected lifestyle, allowing residents to live affordably in housing that is close to their jobs, and also easily walkable to nearby amenities and retail offerings.”
According to Mandel, Meta Housing is committed to developing projects that contribute to its residents’ overall well-being, while also contributing to the cities in which these projects are built.
The Cabrillo community offers a variety of amenities, including private balconies and a 7,580 square-foot courtyard, as well as a community room, classroom, and recreational deck, among others.
The Cabrillo Family Apartment community was developed by Meta Housing in partnership with Synergy Community Development Corporation, and was built to LEED Gold Certification standards.
Located at 1640 Cabrillo Avenue in Torrance, California, the apartment community is comprised of affordable one-, two-, and three-bedroom floor plans.
About Meta Housing Corporation
Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 6,000 residential units. Additional information is available at www.metahousing.com.
Lexi Astfalk/Jenn Quader
Brower, Miller & Cole
LAstfalk (at) browermillercole (dot) com