$19M Affordable Complex Rising

Colonial Equities Inc., led by Richard Shaw of Dallas, will deliver the Timber Oaks complex in fall 2004. The units are dedicated to tenants earning 60% or less of the Fort Worth/Arlington/Dallas MSA annual median income of $61,300.

The New York City-based duo of CharterMac and Related Capital Co. provided debt and equity for the project. Under the financing, CharterMac provided $10.9 million of tax-exempt and $2.3 million of taxable debt financing through the purchase of revenue bonds. Related Capital kicked in $4.7 million in equity for the tax credits.

The 11-building project has a mix of one-, two- and three-bedroom units that range from 747 sf to 1,158 sf. A CharterMac spokeswoman says one-bedroom units will start at $506 per month; two bedrooms, $607; and three bedrooms, $699. The gated development features a host of recreational amenities along with on-site computer training and adult education services.

Whitwell & Taylor Associates of Richardson, TX designed Timber Oaks. Brasha Builders Inc., an affiliate of Colonial Equities, is the general contractor.

"The housing market surrounding Timber Oaks is teeming with tenants looking for better quality and value," Marnie Miller, CharterMac vice president, says in a press release. The new project, the VP adds, is "an attractive alternative to older, higher priced comparables" in the immediate area.

Colonial Equities' newest project is positioned along Timber Oaks Lane on the Grand Prairie-Arlington border. An office park is north of the development site and the General Motors factory is a mile to the south. The development site, within close proximity to a three-million-sf mall, abuts an elementary school and within walking distance of a medical center.