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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.

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