Address: 3642 N. Garey Avenue, Pomona, CA 91767
Phone Number: (323) 722-4397
Year Completed: 2001
Type: Senior | Units: 132
- Western Community Housing
- Bank of America
- Essex Property Trust
- California Tax Credit Allocation Committee (CTCAC)
Pacific Villas, Villa Azusa and Cedar Villas were acquired together by Meta Housing in 1997. These existing communities were in need of rehabilitation and, while seeking funding for the acquisition, Meta Housing presented a plan to create environments which were centered around integrated activities and services for residents.
The lender that reviewed the plan requested additional information, and Meta Housing retained the University Southern California to complete an independent study to support its concept. The study was designed to determine whether or not the creation of senior housing that encourages resident interaction and engagement would actually increase renters’ quality of life, and therefore the overall profitability of a project.
The resulting study has since become the foundational philosophy for every Meta Housing project, as well as for the company as a whole.
After securing the financing, Meta Housing acquired the three properties and transformed them into the first successful communities to fully implement its life-enhancing programs for residents.
To create and implement these programs, Meta Housing enlisted aging expert Tim Carpenter, who assisted the company in creating programs which would give residents the opportunity to continue to grow intellectually, creatively and emotionally. Carpenter has since created a nonprofit company called EngAGE in order to provide these life-enhancing services to seniors throughout Southern California.
In addition to the unique concept behind their rehabilitation, these three projects also marked a financial milestone for Meta Housing Corporation.
In 2002, Meta Housing sold the three properties, and invented a new, creative way to finance the transaction. Meta utilized the concept of no-floater bonds (i.e. those with rates that are dependent on the profitability of a property), fluctuating in accordance with these numbers on every given day.
Meta Housing’s invention of this new financing solution further demonstrated its strength, both in project development and in financial foundations, to financiers.