A 248-unit new-construction development for low and moderate-income families located in Arlington, Texas, approximately five miles south of Downtown Arlington. The site is located on Sublett Road with access to Cooper Street.
Construction and permanent financing for this development has been provided by Charter Mac through a tax-exempt bond offering for $16.6MM. The bonds closed and the contractor broke ground on the project in May 2004. Completion: April 2005. 100% occupancy was achieved in October 2005. Related Capital Companies is the equity investor in this development. Wachovia Bank was the Letter of Credit provider during the interim construction. This development achieved stabilized occupancy and a permanent conversion in May 2007 (the project was sold to CCG in December 2008). The construction contract was for $14.75MM. RISE was the property manager through lease-up and stabilization.