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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…

Image of Charity Logos supported by ROEM

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.

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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…

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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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By: Kevin McCallum, The Press Democrat ROEM Development Corp. of Santa Clara, one of five firms to express interest in the mixed-use housing project, is now the sole finalist left in negotiations with SMART. For more than a decade, the leaders of Sonoma County’s largest city have dreamed of transforming a cluster of vacant properties along the railroad tracks in downtown Santa Rosa into a vital new village filled with people opting for lower-impact urban living. Time after time, proposals to develop the western side of Railroad Square have fallen apart, victims of political infighting, neighborhood opposition and economic slumps. But the impending arrival of a $428 million regional rail system is breathing new life into efforts to create high-density housing around the Sonoma-Marin Area Rail Transit platform in Railroad Square. Read the full article.

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  Charlotte Park Apartments’ 200 Affordable Multi-Family Residential Units Are Fully Leased and Near Completion SAN JOSE, Calif. ―  With the near completion of 200 new, affordable housing homes, the $46 million Charlotte Park Apartments in San Jose, Calif., is a great example of ROEM’s expertise in building a high quality affordable residential rental community located within a market-rate development. In this case, ROEM Corp. satisfied most of the affordable housing requirement of the Hitachi master-planned community, with ROEM Builders, Inc., acting as both general contractor and construction manager. “While inclusionary housing policies provide a major source of funding for affordable housing, they can significantly reduce a developer’s return and create long-term obligations,” said Alex Sanchez, Executive Vice President of ROEM Corporation. “Our market-rate developer partners recognize the benefits of having ROEM act as their third-party general contractor. We assume their affordable housing obligations and pay the in-lieu fees while designing and building high-quality affordable housing that seamlessly blends with their market-rate housing. About 430 of our more than 3,000 new affordable housing units completed since 2000 were built by ROEM for a market-rate developer.” Located on the former Hitachi Global Storage Technologies campus, Charlotte Park is part of a 295-acre master-planned community that will include condominiums, apartments, attached townhomes, many pocket parks, and a large 10-acre park with a baseball field. Charlotte Park is situated near the intersection of Cottle Road and Highway 85, and within walking distance from the Blossom Hill Caltrain station and the Cottle and Santa…

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Metro Village, a mixed-use, $28 million multifamily, transit-oriented development is providing 70 new affordable apartments in downtown Baldwin Park.

Featured Image of Rendering of South Hills Crossing Affordable Apartments Exterior

ROEM’s South Hills Crossing will welcome 43 families in San Luis Obispo, CA when its new sustainable, affordable apartments opens this year. Only a mile and a half from restaurants, shops and entertainment in the village of San Luis Obispo, South Hills Crossing brings permanent affordable housing to this beautiful California Central Coast community.

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