X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WICHITA FALLS, TX-An Austin developer has begun construction on an $8-million affordable housing project in Wichita Falls, picking 6.5 acres near Sheppard Air Force Base and 15 miles from the Oklahoma border as the building site.

The 104-unit Woodview Apartments at 1607 32nd St., will deliver in summer 2004. Realtex Development Corp. is bringing out a gated complex with seven two-story buildings in a mix of two- and three-bedrooms ranging from 963 sf to 1,147 sf. Rents will start at $184 per month or as much as $200 below market rate. Common areas include a clubhouse, swimming pool, garden and picnic facilities.

Realtex is tapping a market that’s had little new construction in the last 20 years, according to Related Capital Co. of New York City, an equity player contributing $5.9 million to buy the tax credits that fueled the construction and financing. The majority of units will be dedicated to families earning 60% or less of the area median income.

Realtex and Related Capital point to the upswing in Wichita Falls’ manufacturing sector and the economic stability offered from Sheppard Air Force Base, which employs 9,000, as the keys for the project’s likely success. The Realtex development is rising just two miles from the downtown in an area convenient to schools, parks, shopping and medical facilities.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.