Feature Photo: The proposed development will be located west of the Decker Lake Road and North Imperial Drive intersection. Image: Google/VBX Graphic.
by Art Benavidez
Austin (Travis County) — A Minnesota developer received a bond agreement for the financing of a 216-unit apartment development, during Tuesday’s Travis County Commissioners Court meeting.
Commissioners passed a resolution approving the filing of an application for a $35 million bond issuance that must be approved by the Texas Bond Review Board.
The 10 acre property is undeveloped and located at the southwest corner of Decker Lake Road and North Imperial Drive (Hog Eye Road), southwest of Lake Walter E. Long in far east Austin.
The name of the development is Hog Eye Apartments and comes with an estimated price tag of $56 million.
Travis County Housing Finance Corporation (TCHFC) will be the bond issuer and wholly-owned subsidiaries of TCC Hill Country Development Corporation will act as the general partner and the general contractor, according to county documents.
This is the second project on which TCHFC has partnered with Roers Companies LLC of Minnetonka, Minnesota.
In April, VBX reported that the company entered into a similar agreement with the county for a development in the southern portion of the city, the 300-unit Old Lockhart Apartments.
The adoption of the initial inducement resolution and the approval of agreement to issue bonds is one of many steps Roers Companies needs to qualify for bond insurance, which is not anticipated to be secured until late 2022.
The bond issuance would support Roers’ plan to apply for 4% low income housing tax credits from the Texas Department of Housing and Community Affairs.
Hog Eye Apartments will be a garden style project with three-story buildings, along with a community building, with most units being available to people earning at or below 60% of the area median income (AMI).
Fifteen percent of the units will be available to individuals earning 30% AMI or below.
The unit mix will consist of 43 one-bedroom/one bath units with 700 square feet of living space; 87 two-bedroom units/ two-bath with 1,000 SF; 82 three-bedroom/two-bath units with 1,250 SF; and four, four-bedroom/two-bath units with 1,450 SF.
Unit amenities will include granite countertops, LVT flooring, carpet bedrooms, Energy Star appliances, in-unit laundry, LED fixtures, patios/balconies and WaterSense bathroom fixtures.
Property amenities will include a leasing office, clubhouse with Wi-Fi, business center, pool, playground, indoor and outdoor play area, fitness center, community room, package lockers and a dog run.
The development will offer tenant programs and services, including an on-site service coordinator, adult professional training, notary services and monthly social events.
VBX Project ID: 2021-3FF9