San Antonio Housing Authority to Acquire and Rehab Three Apartment Properties
Feature Photo: The Rosemont at University Park apartment complex on the South Side is one of three properties that SAHA and a California developer want to rehabilitate. Image: Google Streets.
by Adolfo Pesquera
San Antonio (Bexar County) — The San Antonio Housing Authority has partnered with a San Diego, California-based multifamily developer to rehabilitate three apartment properties.
The SAHA Board of Commissioners, on Oct. 7, directed its public facility corporation (Las Varas PFC) to apply for approval from the state to issue bonds to finance the rehabilitation of three apartment communities in partnership with San Diego developer Fairfield Residential.
Rosemont at Bethel Place, a West Side apartment community. Image: Google Streets.
The properties under consideration and the bond volume cap being sought for each are:
Rosemont at University Park apartments, a 240-unit multifamily project located at 102 Emerald Ash, San Antonio, Texas 78221, requesting $36,000,000 of volume cap.
Rosemont at Bethel Place apartments, a 250-unit multifamily project located at 535 South Acme Road, San Antonio, Texas 78237, requesting $41,000,000 of volume cap.
The Sorento apartments, a 248-unit senior housing project located at 2803 Fredericksburg Road, San Antonio, Texas 78201, requesting $38,000,000 of volume cap.
In addition to the bond issuances, Las Varas PFC will apply to the Texas Department of Housing and Community Affairs for Fiscal year 2022 new 4% housing tax credits to complete the financing. All 4% tax credit projects must be financed in part with tax-exempt bonds.
The Las Varas PFC will own the land and create a single member limited liability company to serve as the general partner of the tax credit partnership, which will own the project.
Each of the projects will have 50% of the units set aside for families at 50% of the area median income (AMI), with the remaining 50% of the units to be set aside for families at 60% AMI.
The Sorento, a senior housing complex on Fredericksburg Road. Image: Google Streets.
Currently, Rosemont at University Park has no units at 50% AMI and 240 units at 60% AMI; Rosemont at Bethel Place has no units at 50% AMI and 250 units at 60% AMI; and The Sorento has 4 units at 50% AMI and 244 units at 60% AMI, so this will create deeper affordability requirements, while maintaining 100% affordability.
With each project, Las Varas PFC, at the direction of SAHA, will finance the rehabilitations, acquire the land and lease it to the partnerships–the Rosemont at University Park Partnership, the Rosemont at Bethel Place Partnership, and the Sorento Partnership.
Rosemont at University Park is a 5.79-acre property with approximately 101,411 square feet of residential and common spaces. It was constructed in 2006. It’s on the South Side by Loop 410, adjacent to the San Antonio Police Department Training Academy. VBX Project ID: 2021-727A
Rosemont at Bethel Place has approximately 249,640 square feet of residential and common spaces. It was constructed in 2005. VBX Project ID: 2021-727D
The Sorento has approximately 230,730 square feet of residential and common spaces. It was constructed in 2004. VBX Project ID: 2021-7280
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.