California Community

Alegre Apartments, Irvine, Orange County

 

Avenida Villas

AMCAL is partnering with The Irvine Community Land Trust to provide high-quality affordable housing in the new Master Plan Community of Cypress Village.

The 3.4 acre site will provide 104 family apartments, including 11 units for special needs households. The architectural design is a traditional Italianate exterior. The units feature larger spacious floor plans with individual washers/dryers.

An allocation of $26.9 million in 9% Low-Income Housing Tax Credits was awarded in 2013. The Irvine Community Land Trust and the City of Irvine provided land and gap financing in the amount of $9.6 million, and the County of Orange provided CalHFA/MHSA funds in the amount $1.29 million.

The site is adjacent to Cypress Park and located near an OCTA bus line, Jeffrey Trail School, a market, pharmacy and health clinic.

Construction is three levels of Type V with 199 spaces of tuck-under and surface parking and designed to LEED Gold certification. Amenities include a large community room with a computer lab, fitness room, large pool with kids splash area, barbecue areas, children’s playground and bicycle storage.

100% affordable: 22 units – 30% AMI, 16 units – 45% AMI, 65 units – 50% AMI.

Photos

Gallery coming soon

 

Year Built

2014

Type

Family

No. Units

104

Total Cost

$42,625,000

Developer

AMCAL Multi-Housing

Contractor

AMCAL General Contractors

Architect

MVE & Partners

Financing

Equity

$24,625,000 Bank of America

Construction

$27,961,000 Bank of America

Permanent

$4,450,000 California Community Re-investment Corporation

Agency

Non-Profit

Las Palmas Foundation