Chelsea Investment Corp. ranked as 11th largest builder of new affordable housing in the nation
With 874 apartments started and 347 completed in 2018, Chelsea Investment Corp. is now ranked as the 11th largest developer of new affordable housing in the nation. Chelsea’s 2018 designation was published this month by Affordable Housing Finance magazine in its annual ranking of the “Top 50 Affordable Housing Developers.”
Also last year, Chelsea developed its 10,000th affordable home and was named San Diego’s Builder of the Year by the leadership of the Building Industry Association of San Diego County (BIA).
Founded in 1984 by CEO Jim Schmid, Chelsea’s portfolio includes housing for low-income families, seniors, farm workers, veterans and persons experiencing homelessness. The firm also works for developers and production homebuilders to provide inclusionary housing.
This week, Chelsea adds 15 more units to that inventory when it breaks ground on Serenita in Brawley, Calif., where a total of 60 units for low-income families will be built. Also next week, Chelsea will begin construction of 60 new affordable homes for farm worker households. Next month, Chelsea celebrates the completion of 52 units for veterans experiencing homelessness at Alpha Lofts in San Diego.