Google Provides $6.5 Million in Equity Funding for New Affordable Multifamily Housing Community

Google Provides $6.5 Million in Equity Funding for New Affordable Multifamily Housing Community

MOUNTAIN VIEW, CA - On Wednesday, September 4, 2013, the City of Mountain View and Google celebrated the grand opening of Franklin Street Family Apartments, a development by ROEM Corporation in partnership with the City of Mountain View. The grand opening celebration was held at 11:00 a.m. at 135 Franklin Street, Mountain View, CA 94041.

“ROEM, the City of Mountain View staff, and consultants have produced a fabulous apartment community incorporating elegant architecture and amenities for 51 low income households,” stated Mayor John Inks, City of Mountain View. “This new high-quality development is part of the dramatic residential and commercial redevelopment occurring in downtown Mountain View.”

Franklin Street Family Apartments offers 51 one-, two-, and three-bedroom affordable apartments to families with annual incomes at or below 50% of the Santa Clara County Area Median Income. This development is designed to provide a sustainable and affordable community for its residents while enhancing the existing neighborhood. The building architecture complements the unique downtown location and provides easy access to public transportation for its residents.

Through its syndicator, AEGON USA Realty Advisors, Inc., Google has invested a total of $6.5 million equity in the Franklin Street Family Apartments. Google also provided additional grant of $81,859 for computer equipment and free Internet access for residents. “Our investment in Franklin Street Family Apartments is helping to create 51 new affordable housing units for families. Mountain View has been a wonderful home to Google, so we couldn’t be more thrilled to help others make this community their home as well,” said Kojo Ako-Asare, head of Google's corporate finance team. “Google remains committed to supporting affordable housing options in areas that allow for use of alternative transportation.”

The development consists of a three- and four-story “C” shaped residential building with 92 parking spaces in a subterranean parking garage. The landscape design creates meaningful private and public open spaces, while preserving a significant number of trees. Amenities include a computer center and complimentary residential wi-fi, both sponsored by Google, a library, a community room, a fitness room, a courtyard, a tot lot, and a barbeque area, along with a wide array of resident services, including computer classes, ESL classes, and resident events.

“It is exciting to finally have a new affordable housing development in Mountain View, and one that is downtown so that residents have access to all that the downtown has to offer, including outstanding public transportation options,” said Councilmember Michael Kasperzak, City of Mountain View. “It is also a testament to what the private sector can do in terms of participating in affordable housing programs.”

Franklin Street Family Apartments is environmentally-sensitive and includes energy conservation features such as solar photovoltaic panels, water and energy-efficient appliances and fixtures, and transit passes for residents. The project is constructed using sustainable building methods and incorporates a number of ‘green’ features designed to ensure its long-term energy-efficiency and sustainability. This integration of sustainable methods and materials has allow Franklin Street Family Apartments to achieve USGBC's LEED Platinum specification, the highest in industry guidelines for sustainable building and maintenance.

“In today’s environment, the growth of our communities is dependent on all partners coming together to provide impactful housing solutions that address the current housing needs in a given region,” said Jonathan Emami, Vice President of ROEM Development Corporation. “Franklin Street Family Apartments is a shining example of public and private stakeholders coming together to develop a new affordable housing community that is indistinguishable from market-rate housing.”

Franklin Street Family Apartments is a $23.4 million project, financed by 4% Low-Income Housing Tax Credits with financial support from the City of Mountain View, Google and Citi Community Capital. The project’s architect is KTGY Group Inc. and the general contractor is ROEM-ICON Contracting Group, Inc.

"Franklin Street Family Apartments was designed to not only complement the surrounding neighborhood but also to set the bar higher for affordable housing," said KTGY Group's Keith Labus, AIA, LEED AP and Principal.

Confirmed grand opening ceremony speakers include: Hon. Jon Inks, Mayor, City of Mountain View; B. Kojo Ako-Asare, Head of Corporate Finance, Google, Inc.; Christopher Long, Vice President, AEGON USA Realty Advisors, Inc.; Jay Abeywardena, Director, Citi Community Capital; Jonathan Emami, Vice President, ROEM Corporation; Robert Emami, President, ROEM Corporation.

ROEM Development Corporation, ROEM Builders, Inc. and its affiliated entities are a full-service development and construction organization that have been specializing in the acquisition, planning, financing, new construction, renovation, and asset management of multifamily housing for families and seniors throughout California for over 30 years. As a model developer and proven industry leader in the production of multifamily housing, ROEM maintains its commitment to providing high quality housing through its collaboration with the public and private sector and communities alike, while completing developments with quality control and efficiency.

Consistently ranked in the Affordable Housing Finance Top 50 National Developer’s list and a registered member of USGBC and Build It Green, ROEM is dedicated to creating wholesome communities that are not only sustainable, but are designed smarter and built better to ensure that residents and visitors are healthier, happier, and safer.

To date, ROEM has completed 24 affordable housing projects totaling approximately 2,402 units with 373 affordable housing units currently under construction.

Celebrating 21 years, KTGY Group, Inc., Architecture and Planning, is a national award-winning firm providing comprehensive planning and award-winning architectural design services for residential communities, retail, hospitality, mixed-use and related specialty developments. KTGY delivers innovative solutions that reflect clear understanding of development, market trends and financial performance. Serving clients worldwide, KTGY maintains offices in Irvine, Oakland and Santa Monica, Calif., Denver, Colo., and Tysons, Va.

Source: Monaghan Communications / #KTGY #Architects

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