Large affordable apartment complex coming to this expensive Placer County suburb
One of the Sacramento region’s most sought-after suburbs is getting a large affordable housing apartment complex, filling a void in a community with some of the area’s highest housing prices.
USA Properties has started construction on a 288-unit project between University Avenue and Wildcat Boulevard in Rocklin.
The apartment building will have one-, two- and three-bedroom units reserved for residents who earn between 30% and 70% of the Placer County median income. That comes out to about $21,750 to $50,750 for two-person households, according to a news release.
Rocklin has long been a top destination for young families who are drawn to the south Placer County suburb for its high-performing schools and expansive commercial districts. Real estate prices in the city reflect that demand; the average home value in the ZIP code where the new apartment complex is being built is $771,000, up more than 23% in the past year.
The city of 67,000 residents is also considered one of the nation’s top real estate destinations. National real estate firm Zillow recently named Rocklin the most popular destination for home hunters in the Sacramento region, a measure calculated by home value growth, daily page views on its site for available homes in the city and the growth of available home listings.
USA Properties officials said the new apartment complex, called Terracina at Whitney Ranch, “will provide much-needed housing to residents, from early-in-their career teachers and hard-working couples with children saving for their first home to retirees living on a fixed-income.”
“I’m hopeful that many young people who have grown up in town will have a chance to remain here with housing opportunities like Terracina,” Rocklin Mayor Bill Halldin said in a statement.
Monthly rents for one-bedroom units are projected to range from $515 to $1,275. Three-bedroom apartments will likely cost between $687 and $1,741 per month. The project cost is estimated at $104 million and it is being built without direct local or state subsidies, USA Properties officials said.
This story was originally published June 23, 2022 at 5:00 AM.