PRESS RELEASE: Meta Housing Corporation Completes $70 Million, Arts-Focused Senior Apartment Community In Long Beach

LONG BEACH, CA – Meta Housing Corporation has announced the completion of the $70 million Long Beach Senior Arts Colony, a new, 200-unit, transit-oriented, affordable multifamily community for seniors aged 55+.

The community, which is designed to deliver a completely artistic environment, has already been recognized as “Best Senior Housing Community of 2013” by PCBC’s Golden Nugget Awards, according to John Huskey, President of Meta Housing Corporation.

“Development of today’s senior housing requires a completely different approach than that of generations past,” explained Huskey. “Americans are living longer, healthier lives, and are in need of housing that will provide new opportunities to increase longevity and sustain good health.”

Huskey explains that the senior art colony concept that Meta Housing Corporation has pioneered is designed to deliver these benefits. The company has also developed the Burbank Senior Artists Colony, a 141-unit multifamily property completed in 2006, as well as the North Hollywood Senior Arts Colony, a 126-unit apartment community completed in late 2012.

“Drawing upon national research on how the arts can positively impact the health of older individuals, we have designed each of our arts-focused senior apartment communities to include spaces where residents can participate in free, professional-level arts activities on an ongoing basis,” explained Huskey. The new Long Beach Senior Arts Colony features a host of on-site arts amenities, including an art gallery, 99-seat performance theatre, working arts and dance studios, as well as a digital media room and grand piano salon. On-site arts classes are offered at no cost to residents, and are conducted by Meta Housing Corporation’s long time nonprofit partner, EngAGE.

“The entire community is structured to encourage engagement and interaction, which contributes to a better overall quality of life for residents,” said Huskey.

In addition to its arts-focused amenities, the property provides over 15,000 square feet of community space, including a fitness room, yoga/meditation room, computer room, game room, dog park, community gardens, outdoor spa, and outdoor BBQ and seating area with a fireplace.

According to Huskey, the project’s development site was also strategically selected by the Meta Housing team based on its location along Long Beach’s light rail line, as well as its close proximity to several local bus stops. As a transit-oriented development, the project’s location will provide residents with easy access to public transportation, as well as local services and amenities.

Meta partnered with Century Housing Corporation on this development. Century is the managing general partner for the project and was critical to the project’s success by providing the acquisition financing for the development site. The construction of the Long Beach Senior Arts Colony was completed through multiple avenues of public partnership with the City of Long Beach and the State of California both of whom provided construction and permanent financing to the project.

The State of California provided a loan through Prop 1C Infill Infrastructure Grant and Transit Oriented Development programs. In addition, the project was financed with 9% and 4% tax credits that were purchased by Wells Fargo Bank and tax exempts bonds that were purchased by Wells Fargo Bank and CCRC.

ABOUT META HOUSING CORPORATION Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 5,000 residential units. Meta Housing Corporation’s development projects revitalize the employment centers of Southern California by allowing residents to make their home near where they work. The company’s family housing developments demonstrate its ongoing commitment to providing high quality housing alternatives. “Active living in place” is the credo for the company’s senior housing communities, offering amenities and programs that help residents embrace the full potential of senior living. Each Meta Housing community aims to provide the highest quality of life possible, integrating innovative design concepts with life-enhancing features that make a significant impact on the lives of our residents. Meta Housing pairs its bottom-line business acumen with a strong sense of social advocacy, a combination that continues to make the company the perfect partner for cities, housing agencies, nonprofits, investors and other developers. Additional information is available at # # # Contact: Corynne Randel / Jenn Quader Brower, Miller & Cole (949) 955-7940 [email protected]