US based Apartment Investment and Management Company (AIMCO) has released the details of its redevelopment project called Pacific Bay Vistas in California. As part of the project, the company will completely rehabilitate all the present residential buildings.
Aimco's Pacific Bay Vistas redevelopment in San Bruno, California will offer 308 apartment homes, first class amenities, and a state-of-the-art fitness center. The site is conveniently located close to transportation and employment centers. (PRNewsFoto/Apartment Investment and Management Company)
All the 308 units in the project will comprise of vinyl wood flooring, private patio, washers and dryers, granite countertops and steel appliances. A separate club house covering an area of 4,300 sq ft will be constructed which will include bar area, movie theatre, conference room, resident lounge and business area. Apart from this the location will also have a fitness centre covering an area of 4,600 sq ft which will comprise an extensive fitness room with advance fitness equipment installed and an indoor salt water lap pool and an indoor lounge area fully connected with Wi-Fi.
Other common areas that will be newly constructed are a dog park and an outdoor barbecue area. The construction will feature green fittings such as energy efficient LED lights, Energy Star appliances, windows and sliding doors that are energy efficient and low flow shower heads and lights. The project is likely to create around 250 jobs over a period of 15 months.
The redevelopment project is funded by FHA Section 221 (d) (4) loan of $72.2 million from Red Mortgage Capital at an interest rate of 4.09% apart from a 0.45% mortgage insurance premium. The 40-year loan will initially be interest only until 2013.
Source: http://www.aimco.com