The Dallas-based Provident Realty Advisors Inc.'s Rush Creek is going up at 1200 W. Sublett Rd. on 16.2 acres off South Cooper Street, the first of possibly two phases in a mixed-use corridor with single-family, retail and office/warehouse development. Set to deliver in spring 2005, Rush Creek has been funded with $23 million in equity financing from New York City-based affiliates, CharterMac and Related Capital Co. The just-closed financing brought $16.6 million from CharterMac via the purchase of tax-exempt and taxable bonds while Related Capital's $6 million in equity went for the project's tax credits.
In a press release, Saleem A. Jafar, Provident partner and managing director, said the Rush Creek development "comes at an opportune time for area residents since new apartment complexes may become increasingly difficult to build in Arlington in the future."
Rush Creek will consist of 12 two- and three-story, garden-style buildings plus a community center. The project will have 98 two-bedroom units, 960 sf, and 150 three-bedroom units, 1,120 sf. The monthly rent, which includes some utilities, will start at $770 or about $330 less than comparable new units. All units in the gated community are dedicated to tenants earning 60% or less of the area's median annual household income of $66,500.
The multifamily development has been working through the municipal channels since 1998 due in part to zoning revisions on land now assigned a 16-unit density and access from Sublett and Mineral Springs roads. According to Arlington records, the project originally was proposed at 210 units.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.