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SAN ANTONIO-A New Jersey fund and a local company are spending $35.9 million to build two affordable housing projects in Central Texas. American Opportunity for Housing Inc. is spearheading development of a 224-unit complex northeast of the CBD and has 228 units under way in New Braunfels.

“We’re continuing to look at sites with them throughout Texas, but haven’t closed on any additional investments with them,” says John R. Maurer, partner with Arsenal Real Estate Funds LLC in Morristown, NJ. Arsenal structured two junior construction loans for $10.25 million to fund the projects, which are slated for completion during June 2008.

In San Antonio, ground has just broken on the 224-unit Vantage at Converse Heights, an 11.5-acre project at Texas 78 near Sanguin Road. Work has been under way since January on the Vantage at Comal Gardens on 11.4 acres along West County Line Road in New Braunfels.

Maurer tells GlobeSt.com that partnering with AOH on the two deals is attractive on many levels, particularly with the developer’s track record in creating affordably priced complexes. “We basically, as a sub strategy of our real estate fund, focus on affordable housing development in major markets across the country,” he adds. “These loans fit squarely within that strategy.”

Also fitting in with Arsenal’s strategy is investment in San Antonio. “It’s a city with an attractive mix of tourism, government, corporate and bioscience research, with a great diversified job base, and one we think needs additional, attractively priced housing communities,” Maurer adds.

Both complexes will have one-, two- and three-bedroom units, with the average being 860 sf. The base rent will be $816 per month. An affiliate of Wood Partners LLC in Houston is the general contractor. DA Associates’ San Antonio office is the architect.

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