(To read more on the multifamily market, click here.)

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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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 © 2024 ALM Global, LLC. All Rights Reserved.