Google Invests

In affordable housing

By Jessica Fiur on Sep 12, 2013 in News

Franklin Street Family Apartments, a new affordable community in Mountain View, Calif., has a tech-savvy benefactor. The $23.4 million multifamily community, which was developed by ROEM Corp., received $6.5 million in equity from Google. The tech giant also provided a grant to provide computers and free Internet access to residents.

“Our investment in Franklin Street Family Apartments is helping to create 51 new affordable housing units for families,” Kojo Ako-Asare, head of Google’s corporate finance team, says. “Mountain View has been a wonderful home to Google, so we couldn’t be more thrilled to help others make this community their home as well.”

Franklin Street Family Apartments includes one-, two- and three-bedroom floor plans. There are 92 parking spaces available for residents, but the community is also located in close proximity to public transportation, making the apartments eco-conscious. Other green elements include photovoltaic panes, water and energy-efficient appliances and transit passes for residents.

“Google remains committed to supporting affordable housing options in areas that allow for use of alternative transportation,” Ako-Asare says.

Though the community just recently celebrated its grand opening, Franklin Street Family Apartments is already 100 percent occupied.

Read more about Franklin Street Family Apartments here.

Jessica Fiur is News Editor at Multi-Housing News. Find more of her insights on multifamily living on the “What Renters Want” blog.