Feature Photo: The owner/developer partnership that created Trove Southtown, formerly the Cevallos Lofts, was dissolved through a lease purchase that gives SAHT a return on investment that will be used for new affordable housing. Image: Google Streets.
San Antonio (Bexar County) — The San Antonio Housing Trust and NRP Group have completed the sale of their partnership interest in Cevallos Lofts, a mixed-income housing community located at 301 E. Cevallos St. in San Antonio’s Southtown neighborhood.
The sale allowed repayment of about $3.6 million in City NSP and HOME program loans and provided $3.2 million in revenues for the San Antonio Housing Trust (SAHT) Public Facility Corporation. The City of San Antonio and SAHT will use the proceeds to reinvest in affordable housing programs and initiatives in San Antonio.
Credited with helping to revive Southtown while providing mixed-income Class A housing, the Cevallos Lofts was originally built in 2011 with Low Income Housing Tax Credits and City HUD funds as well as a partnership with SAHT.
The SAHT shall remain the owner of the property, while Lavoro Capital Holdings will lease the property, now known as Trove Southtown. Tenant management of the 252-unit complex is handled by Avenue 5 Residential.
The word “trove” means a collection or store of valuable things. As an owner of attainable housing properties across Texas, Lavoro decided to brand all of its properties with the Trove name to signify consistent quality to residents and communities.
Through this new partnership, Lavoro Capital Holdings agreed to extend the affordable housing options at Trove Southtown to 55 years, instead of 27 years under the former partnership structure. The community will also implement the SAHT’s Tenant Protections Policy which was adopted by the Trust earlier this year.
Lavoro plans to further invest in Trove Southtown by refreshing common areas such as the leasing area, pool and amenity deck, fitness center, business center, and various lounge areas throughout the property. Additionally, the property is increasing programming within these common areas to strengthen the community.
“Opportunities to extend long term affordability of 50% AMI housing units, increase tenant rights and protections, and provide San Antonio with a financial benefit for our community was achieved in this transaction. Our new relationship with Lavoro Capital is proof that public and private sectors can work together for the long-term benefits of preserving affordable housing in our community,” said Pete Alanis, Executive Director of the San Antonio Housing Trust.
“The solutions are rarely simple, but they are out there and the San Antonio Housing Trust will continue to explore innovative ways to bring about housing solutions that are affordable, accessible, attainable, and sustainable for the residents of San Antonio.”
Edited from a joint SAHT and Lavoro Capital news release.