Construction has broken ground on the 151-Unit Palmdale Terrace affordable multifamily housing development in Palmdale, California. RAAM Construction, a general building construction business specializing in multifamily projects throughout California, will build the complex. RAAM is collaborating with Meta Housing Corporation, a developer of affordable housing communities for families and seniors, as well as Western Community Housing, AMJ Construction Management, and Y&M Architects, to deliver new residences for individuals and families in the Palmdale market earning between 30% and 60% of Los Angeles County’s median income. The project is valued at about US$60,900,000 and is being constructed with the assistance of a construction loan from Pacific Western Bank and perhaps additional sources totaling US$40,502,120.
More on the California Palmdale Terrace
Palmdale Terrace will include a mix of one-, two-, and three-bedroom homes when it is finished. All units will feature fully equipped kitchens and bathrooms, as well as on-site facilities such as big communal meeting places, a shaded picnic area, a huge children’s play structure, and a dog park. Two units will be set aside for onsite managers, who will live on the property and serve as a continual point of contact for residents and the surrounding community.
Also Read:Â Funding secured for LaTerra apartments in Burbank, California
“There is a critical need for new and affordable housing in Palmdale, where the unoccupied housing unit rate is at 7.4 percent.” Palmdale Terrace will serve to address this need in the neighborhood by offering brand-new, fully furnished, and reasonably priced residential apartments to families and individuals in need. We’ve collaborated with Meta on a number of initiatives over the years, most of which have included the creation and building of affordable housing around California. This collaboration has allowed us to have a good knowledge of Meta’s needs and how we can effectively collaborate to navigate the developing affordable housing market while maintaining projects on time and on budget,” stated Richard Lara, President of RAAM Construction.
