Silicon Valley Affordable Housing Developer, ROEM Development Corporation, Introduces Oak Grove Apartments to San Jose Oak Grove Apartments embodies the best practices of new urbanism and smart growth by way of transforming the former Hitachi campus into high quality, environmentally-sensitive and amenity-rich housing for families in San Jose which achieved LEED Gold certification. As part of a 295-acre master-planned community, it represents a unique collaboration between private companies and nonprofit funding to develop a new affordable housing community that is indistinguishable from market-rate housing. and creative funding for much-needed housing in Silicon Valley. Located Highway 85 and Cottle Road, Oak Grove is a new construction, affordable, multifamily apartment community on a 1.59-acre site. Oak Grove Apartments offers one and two-bedroom apartments affordable to families making 60 percent or less of the Santa Clara County Area Median Income. The former Hitachi Campus has been re-designed and transformed into a 295-acre, master-planned community that includes condominiums, apartments, attached townhomes, multiple pocket parks, and a large 10-acre park with a baseball field. ROEM Development Corp. made a commitment to sustainable affordable Housing in 2000. LEED certification is the industries highest third-party verification standard for affordable housing Projects. Oak Grove Apartments achieved USGBC LEED Gold Certification, which exceeded ROEM’s initial design and budget targets. ROEM Builders, Inc. have integrated sustainable building methods and materials into every phase of the construction process. The LEED Rating System verification process ensures the sustainable standards are met throughout design and construction. The system focuses on eight major categories. The Oak Grove project reduces overall water consumption…

Aerial Image of Charlotte Park Apartments in San Jose, CA

Creating and Building Affordable, Transit-Oriented Housing ROEM Development Corp. is partnering with public agencies and cities throughout California to create and build mixed-income, transit-oriented developments (TODs). These walkable “connected communities” – multi-story buildings often with shops on the ground floor and multi-family rental units or offices above – include affordable housing in neighborhoods where families can easily walk, bike or ride public transit to their jobs, schools and other services. Among its many benefits, the mixed-income TOD helps ensure that housing around public transit stays affordable for those who use it. On average, transportation is the second largest household expenditure after housing, according to the U.S. Dept. of Housing and Urban Development. Our daily commutes are a crushing problem and seriously impact our quality of life and regional economies. As fewer people can afford to live near job centers or suffer through their staggering commutes, it’s not uncommon for companies to announce they are moving out of state or out of the region.  TODs have become a particular focus of mass transit agencies, which are disposing of property and pushing to increase ridership, reduce commute time and turn the area around their stations into livable retail destinations. In Silicon Valley, the data to support the TOD initiative is pretty astounding. In 2010, Silicon Valley commuters logged 16.9 million vehicle miles per day; by 2014 that number had jumped 63% to 27.5 million daily vehicle miles. And we’re only going to keep adding cars: By 2030, Silicon Valley’s population is expected…

Feature image of South Hills Crossing Interior Courtyard

Showing a major commitment to helping more families continue to live where they work, a public-private collaborative, led by the City of San Luis Obispo and ROEM Corporation, recently welcomed 43 low-income families to their new apartments at South Hills Crossing.

Image of ROEM USGBC LEED Certificated Communitiy

ROEM is committed to creating wholesome, sustainable communities that are designed smarter and built better. LEED (Leadership in Energy and Environmental Design) is a certification program for buildings and communities that guide their design, construction, operations and maintenance toward sustainability. Recognized worldwide, it’s based on prerequisites and credits that a project meets to achieve a certification level: Certified, Silver, Gold, and Platinum. LEED-certified buildings provide healthier living and work environments, use resources more efficiently, reduce material and solid waste, improve air and water quality, minimize a building’s impact on ecosystems, reduce carbon and greenhouse gasses, lower operating costs, and promote the use of sustainable materials. With a slightly higher initial up-front cost, LEED buildings offer multiple times the initial investment over the life cycle of the building, hold higher real estate values, higher occupancy rates, higher rents, higher sales prices, have less liability and default, have lower operational costs, and are considered lower investment risks (from the 2012 report, “Sustainable Industry Sector Retrospectives,” by the Institute for Environmental Entrepreneurship). Three ROEM developments featured in this newsletter – Charlotte Park Apartments (San Jose), South Hills Crossing (San Luis Obispo) and Metro Village (Baldwin Park) – recently achieved LEED-H Platinum Certification, the highest level of the LEED for Homes rating system. Since the inception of LEED-H in 2005, ROEM has achieved a total of 14 LEED-H certified buildings, with 7 Gold and 7 Platinum awards (all properties are in California). LEED-H Gold Certifications include: 1st and Rosemary Family, San Jose 1st and…

Image of Delta View Apartments

By Justin Estrada, Development Associate, ROEM Development Corp In addition to designing and building housing from the ground up, ROEM employs similar complex financing strategies to acquire and rehabilitate existing properties in order to preserve, reenergize and expand a city’s affordable housing stock. This includes the acquisition of existing market-rate communities, which are rehabilitated and converted to affordable housing. An example of this reinvestment strategy is ROEM’s recent purchase and complete renovation of Delta View Apartments, an affordable development with 205 cottage-style units on 11 acres at 3915 Delta Fair Blvd. in Antioch. The $22 million sale and refinancing through tax exempt bonds and low-income housing tax credits enabled the property’s first major upgrade since it was built in the 1960s. Every unit received new cabinets, sinks, countertops, flooring, windows, doors, Energy Star appliances, faucets, fixtures and energy-efficient modern HVAC systems. ROEM added community space, increased the number of accessible units to 11, and upgraded the property’s security system. ROEM completed the entire rehabilitation within 10 months and provided residents with temporary housing when their unit was under construction. Delta View Apartments will remain affordable to low-income residents for another 55 years and at a wider range of affordability than prior to the acquisition: 182 units are designated for families earning 60 percent of Contra Costa County’s area median income (AMI) and 21 units are reserved for even deeper affordability at 50 percent AMI (two are manager units). All units have 2 bedrooms and 1 bathroom. The property is fully…

At ROEM, we believe that in order to create sustainable communities, we must invest in them. That’s why we are proud to support local non-profits each year that are working to better our communities. This year, we partnered with the following charities: Work2Future Foundation $15,000 was donated towards the develop a diverse, strategic, and innovative workforce that meets the local and global demands and fosters economic development. This grant will go towards Work2Future’s goal to strengthen the economic base in San Jose and Santa Clara County by increasing employment opportunities and job retention for all residents. Sacred Heart Community Services of San Jose $5,100 was donated for the annual holiday frozen Turkey drive. This drive gave frozen turkeys and food boxes to families in need in San Jose so that they may enjoy a Thanksgiving meal. Over 4,200 holiday food boxes each with a turkey were distributed by Sacred Heart to needy families this year. Second Harvest Food Bank (SHFB) $5,000 was donated for the Stand Up For Kids program, a partnership with SHFB and various schools within San Jose and San Mateo, to give needy children access to healthy, nutritious meals at school, and more. ROEM employee also supported Second Harvest Food Bank through a canned food drive. All ROEM employees are participating in a canned food drive in the months of December and January to benefit the food pantry of Second Harvest. Bay Area Deputy Sheriffs’ Charitable Foundation (BADSCF) $2,500 was donated to support the BADSCF. BADSCF works…

Feature Image of Groundbreaking Ceremony for Evelyn Family Apartments in Mountain View, Calif.

Evelyn Family Apartments, a $64 million affordable housing community by ROEM Development Corporation, broke ground in Mountain View, Calif.

Mixed-use 70-unit residential community for low-income families opens in Baldwin Park, CA BALDWIN PARK, Calif. – On Thursday, October 13, 2016, the City of Baldwin Park and ROEM Corporation celebrated the grand opening of Metro Village. Located at the northeast corner of Ramona Boulevard and Maine Avenue, Metro Village is a new construction, mixed-use, affordable multifamily apartment community on a 1.01-acre site. Metro Village offers one, two, and three-bedroom apartments affordable to families making 60 percent or less of the Los Angeles County Area Median Income and 5,500 square feet of commerce retail space. The grand opening celebration was held at Metro Village, which is located at 4428 East Ramona Blvd., Baldwin Park, CA 91706. “The Metro Village represents the beginning of a new era in the history of Baldwin Park,” said Mayor Lozano, City of Baldwin Park. “It, along with the Metrolink Station, will serve as the catalyst that will remake our downtown area into the vibrant and dynamic centerpiece to our City that we all envisioned it could be. The positive impacts of this project are already being felt, including the enticement of new businesses and developers seeking to establish other projects in this area. Metro Village will continue to propel this transformation and soon will serve as an example of what can be accomplished through focused long-term planning and collaboration.” This $27 million four-story community intertwines contemporary architecture with a solid foundation that further enhances the downtown scene. In addition, the new public plaza at the transit-oriented…

Feature Image of Grand Opening Ribbon Cutting Ceremony at South Hills Crossing, affordable housing in san Luis Obispo, CA

South Hills Crossing’s 43 Affordable Multifamily Residential Units Open and Are Fully Leased SAN LUIS OBISPO, Calif. ― On Thursday, September 8, 2016, the City of San Luis Obispo celebrated the grand opening of South Hills Crossing, a new affordable apartment community by ROEM Corporation in partnership with the Housing Authority of the San Luis Obispo (HASLO). The grand opening celebration was held at 1:00 p.m. at 309 South Street, San Luis Obispo, CA 93401. “South Hills Crossing represents the coming together of the private sector, HASLO, the City and financial markets to really address one of our community’s top challenges – lack of affordable rental housing. I am excited to see this project come to fruition,” said Mayor Jan Howell Marx, City of San Luis Obispo. South Hills Crossing stands out as a shining example of how the community benefits when partners come together in the housing industry. Due in large part to the successful collaboration of the Housing Authority of San Luis Obispo (HASLO), City of San Luis Obispo, County of San Luis Obispo, San Luis Obispo County Housing Trust Fund, and ROEM Corporation, 43 families have moved into their new South Hills Crossing affordable apartments. In close proximity to restaurants, services, and entertainment downtown, South Hills Crossing brings permanent affordable housing to this beautiful California Central Coast community. “South Hills Crossing is an excellent example of what can be accomplished by the community working collaboratively. Together we have created a permanent affordable housing resource for San Luis…

Image of Oak Grove's Lobby

ROEM Corporation announced today the opening of its Oak Grove Apartments, a $34 million development in San Jose providing 134 units of permanently affordable housing. Oak Grove Apartments includes a number of ‘green’ features to ensure the development’s long-term energy-efficiency and sustainability.

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