Summary

138-unit apartment project recently completed in downtown Truckee, CA. Triumph rezoned this ten acre parcel in downtown Truckee, CA to include a 114-key hotel and 138 deed-restricted apartment units. Working with the town staff, Planning Commission and Town Council, Triumph rezoned and entitled the project in eight months. Triumph also negotiated with the Town of Truckee to fund the neighboring traffic improvements to help mitigate the cost of the development for this locals’ housing. Triumph also helped the town structure the deed-restriction that limits occupancy to residents of north Lake Tahoe – a new planning tool in the region. As a result, six units will be income restricted to 80% AMI. These apartments have a modular basis of design and are comprised of five buildings including a mix of studios, 1 BR, 2 BR, and 3 BR units. The apartment project was 100% conventionally financed. Project entitlements, off-site improvements, and subdivision were approved in Nov 2017. Construction of offsite improvements began in May 2018. Occupancy of the final units was complete by March 2019.