38 New Affordable Apartments Open in Oceanside

The city of Oceanside has added 38 new affordable rental homes serving low income families, thanks to the collaborative efforts of Integral Communities and Chelsea Investment Corporation, the nation’s 15th largest developer of affordable housing.

Chelsea’s Villa Storia apartment community is the first inclusionary project in Oceanside under the city’s Inclusionary Housing Ordinance, which requires projects of three or more homes to reserve at least 10 percent of the units for low-to moderate-income families, or pay a fee. Integral Communities, developer of the 35.5-acre Mission Lane master planned community, chose to donate the land and subsidize the development so the inclusionary units were built as part of the overall project.

Located at 4250 Corte Sol, at the intersection of Mission Ave. and Academy Road, Villa Storia includes 12 one-bedroom, 20 two-bedroom, and six three-bedroom units ranging from 550 to 1,000 square feet. Two three-story buildings are surrounded by walkways, benches, a barbecue area, and tot lot. Other amenities include a community room, computer lab, and generous onsite parking.

“We are proud to offer an array of free services for residents at Villa Storia, thanks to our partnership with Pacific Southwest Development Corp.,” said Jim Schmid, Chelsea’s founder and CEO, who noted that after-school programs for children include tutoring, computer access, sports and art. For adults, the Chelsea partnership offers English as a Second Language instruction, job counseling and guidance, and financial literacy education.

Families that earn 50 to 60 percent of the San Diego County Area Median Income (AMI) qualified to live at Villa Storia, where rents range from $822 per month for a one-bedroom apartment, and $894 for a two-bedroom unit. There is currently a lengthy waiting list for the project.

Financing for Villa Storia was provided in part by a construction loan and permanent mortgage from Citi Community Capital, a land donation from Integral Communities, and tax credit equity of nearly $5 million from The Richman Group, for a total development cost of $12 million.

A total of 380 homes will be built at Mission Lane, located on formerly vacant property adjacent to the historic Mission San Luis Rey off Mission Avenue. Beazer Homes, a prominent national homebuilder, is now building market rate for-sale housing on several planning areas within the development.

Chelsea is a familiar name in San Diego’s North County, having recently opened Juniper at The Preserve, its fourth affordable new community in the city of Carlsbad where it has built 416 homes for low-and moderate- income families.

For more information, visit www.chelseainvestco.com.