Chelsea Investment Corp. Opens 45 New Affordable Rental Apartments in San Diego

SAN DIEGO - May 23, 2017 - PRLog -- The city of San Diego has gained 45 new affordable apartments in the Encanto neighborhood, thanks to the collaborative efforts of Civic San Diego and Chelsea Investment Corporation, one of the region's largest developers of affordable housing.

Situated near public transit facilities at 5003 Imperial Avenue in San Diego's Fourth Council District, Ouchi Courtyards is a mixed-use complex comprised of 45 housing units, 5,000 square feet for retail use, and community space.

The residential mix includes 30 two-bedroom and 15 three-bedroom dwelling units, with seven apartments set aside for households that include a member with a developmental disability and one unit designated for an onsite manager.

During recent grand opening ceremonies, Chelsea CEO Jim Schmid praised Ouchi Courtyards as a "model of modern infill development" and commended Fourth District City Councilmember Myrtle Cole for her leadership in encouraging and supporting affordable housing development in her district.

"This vision that has taken 11 years, one month and 25 days to fulfill, but we're here," said Councilmember Cole at the grand opening celebration. "This is a great thing; great things take time."

Noting that Ouchi Courtyards is the second project in the Fourth District to provide units set aside for the developmentally disabled, Cole acknowledged the efforts of Jim Schmid, CEO of Chelsea Investment Corp.

"Thank you for providing my community with a state-of-the art $20 million project. When people's basic housing needs are met, it opens up opportunity for them to thrive. Please continue to build projects like this in my district."

Chelsea's previous affordable project to provide units set aside for those with developmental disabilities opened in March 2016 at 327 S. Willie James Jones Ave. Independence Point is comprised of 32 town homes, 25 of which are reserved for those with conditions such as intellectual disability, cerebral palsy, epilepsy and autism.

Apartments at Ouchi Courtyards are affordable to households with income at 30 – 60 percent of San Diego County's Area Median Income (AMI). Rents range from $462 to $1,079, representing up to a 66 percent discount from market rate rents in the area.

Financing was provided in part by a $5.4 million loan from the City of San Diego and Civic San Diego, along with tax credit equity and developer provided funding for a total project cost of $20.4 million.

At Ouchi Courtyards, residents will enjoy a range of amenities including a community room, computer lab, laundry facilities, playground and barbecues. A sizable plot for a resident community garden was installed to honor the legacy of the property's former owners, Ouchi Nursery. This locally owned business was founded in 1946 and operated on the site from 1961 to 2007.

Move-ins are underway at Ouchi Courtyards, where 1,600 families are currently on the waiting list.

For more information on Chelsea Investment Corp., visit www.chelseainvestco.com.

ABOUT CHELSEA INVESTMENT CORPORATION

Since 1984, Chelsea has developed 9,574 units of affordable housing at a cost in excess of $1.7 billion. The firm's development portfolio includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural developments. Approximately 50 percent of the units developed by Chelsea serve specialized populations, including seniors, farm workers, homeless households, and individuals with physical and developmental disabilities. The company is one of the few fully integrated affordable housing developers in the region that offers turnkey development, general contracting and property/asset management services. Chelsea is a long-term owner and operator and maintains a portfolio in excess of 5,000 affordable housing units. For more information, please visit www.chelseainvestco.com.