A 234-unit new-construction development for low and moderate-income seniors age 55 years and older located in Houston, Texas, approximately five miles south of Downtown Houston. The development targets senior at or below 50% and 60% of AMFI. The site is located just off of I-45 at Monroe with access to Hobby Airport. Medical service providers surround the property location.
Construction and permanent financing for this development has been provided by Charter Mac through a tax-exempt bond offering for $11.45MM. The bonds closed and the contractor broke ground on the project in April 2005. Completion: June 2006. 100% occupancy was achieved in December 2008. RISE was the fee developer and contractor for the Housing Authority of the City of Houston, HACH, who is the GP and owner of the development partnership. 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 $12.05MM. RISE was the property manager through lease-up and stabilization.