RIO GRANDE VALLEY, TX-Dallas-based Southwest Housing Development Co. is using $13.3 million of $29 million of debt and equity money from New York City-based Related Capital Co. to build two affordable housing complexes in the Rio Grande Valley. The balance is financing a Colorado project.
The Texas properties will be located in Harlingen and Brownsville. In addition to affordable housing, the properties will provide social services such as day care, adult education, computer tutoring, job placement services, after-school tutoring and social activities. The majority of the units will target families earning 60% or less of the median area income. About 5% of the units will be set aside for handicapped and developmentally disabled residents.
Harlingen’s Highland Gardens Apartments will be located on 12 acres at East Tyler Avenue between 19th and 21st streets. The 174 units will consist of two- to four-bedroom designs in 25 two-story, townhouse-style buildings. Unit sizes will range from 900 sf to 1,250 sf.
Brownsville’s El Dorado Village Apartments will be positioned on nine acres at the northwest corner of Padre Island Highway and Robindale Road. The 146-unit complex will contain two- to four-bedroom units in 12 two-story townhouse buildings. Unit sizes range from 900 sf to 1,350 sf.
Both projects feature such amenities as appliances, central air conditioning, mini-blinds, walk-in closets and patios with outdoor storage facilities. The clubhouse and common areas include a business center and computer lab, swimming pool, picnic area and playground.