A partnership of PROSPERA Housing Community Services, Bexar County, and the City of San Antonio has wrapped up the $55.4 million, 234-unit rehabilitation project involving the merger of two adjacent affordable communities in San Antonio. Funding included $22 million in low-income housing tax credits. The community caters to residents earning between 30 and 80 percent of the area median income, with the majority of homes restricted at 50 percent of AMI.
Dubbed Arbors at West Avenue, the project consisted of renovating the 150-unit West Avenue Apartments and demolishing and rebuilding the 84-unit Arbor Place.
The property, located at 3747 West Ave., is in the Dell View neighborhood, about 6 miles northwest of downtown San Antonio. Floorplans feature one—to four-bedroom layouts ranging between 684 and 1,242 square feet. Amenities include a community center, clubhouse, playground, and swimming pool. Residents may also access services such as education, employment support and afterschool programming.
The community also marked the first rental rehabilitation project to debut with support from the city’s 2022 Series Bonds.
Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...
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Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...
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Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...
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