A 240-unit new-construction development for families of low and moderate income at or below 60% of AMFI to market rate housing located in San Antonio, Texas, approximately 3 miles South of Downtown San Antonio. The site is located at Riverside Drive off of South Presa. The cross street is VFW Boulevard, formally East White, near the entrance to the historic Mission San Jose. The site runs along the banks of the San Antonio River. Mission County Park is directly adjacent to the site.
Construction and permanent financing for this development was provided by Charter-Mac through a tax-exempt bond offering for $11.49MM. The bonds closed and the contractor broke ground on the project in May 2007. Completion: May 2009. 100% occupancy was achieved in June 2009. The Related Capital Companies is the equity investor in this development (the project was sold to CCG in December 2008). The construction contract was for $16.8MM. RISE was the property manager through lease-up and stabilization.