Chelsea Investments Opens Ouchi Courtyards Affordable Apartments, Two More Projects On The Way
Ouchi Courtyards, a new residential mixed-use project with 44 affordable apartments and 5K SF of retail, recently held a grand opening celebration. The Lincoln Park project, by Chelsea Investment Corp., is at 5003 Imperial Ave. and provides two- and three-bedroom resident units. The complex includes seven supportive housing units for people with developmental disabilities. Residents will be provided a variety of services, including after-school tutoring, nutrition and financial literacy programs, and computer and wellness classes.
“Ouchi Courtyards is smart growth and development for our urban neighborhoods, while providing affordable housing to deserving families," said Civic San Diego president Reese A. Jarrett at the opening celebration.
Financing for the $20.4M project included a $5.4M loan from the City of San Diego and Civic San Diego, along with tax credit equity and developer-provided funding.
Chelsea has two other projects underway in the San Diego region. Chelsea in partnership with Integral Communities, developer of the 35.5-acre Mission Vista master planned community in Oceanside, is developing a 38-unit affordable housing project at Mission Vista. Chelsea also is developing a 64-unit garden-style, affordable project: Juniper at the Preserve in Carlsbad off state Route 78. This project fulfills the inclusionary housing requirement for The Preserve’s master planned developer, Cornerstone Communities.