Dallas Developer Duo Opens 168-Unit Mixed-Income Community
Bonner Carrington and Sycamore Development opened Cypress Creek Montfort Drive, a mixed-income community of 168 apartment homes in North Dallas.
Located at 14119 Montfort Drive, Cypress Creek Montfort Drive features 116 apartment homes that are income-restricted for residents earning between 30% and 80% of the area median income (AMI), with 52 apartment homes offered at market rate.
One-, two-, and three-bedroom apartment homes are available with private balconies. Community amenities include a fitness center, an outdoor grilling station by the pool, a business center with private work pods, and a pet spa.
Financing for the community was made possible through the collaboration of multiple public and private partners, including:
· Federal 9% Low-Income Housing Tax Credit equity syndicated by Hunt Capital Partners, awarded by the Texas Department of Housing and Community Affairs
· Construction and permanent financing from East West Bank
· A soft loan from the City of Dallas
The community was built by Moss Construction, with Arrive Architecture Group serving as architect.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout