CIBOLO, TX–Gardena, CA-based Highridge Costa Development Company has announced that El Sereno Senior Living, a $21 million, 136-unit affordable apartment community in Cibolo, TX, for seniors age 55 and older, has reached 90 percent occupancy just four months after opening.
Located at 213 Somerset Avenue in Cibolo, the new three-story wrap style apartment community features 136 units, including 99 one-bedroom apartments and 37 two-bedroom apartments. Of the total, 119 units are for seniors earning 30 to 60 percent of the area median income (AMI), and 17 units are at market rate rents. Ten of the units were set aside for persons with disabilities.
“We are happy with the swift pace of leasing the apartments at El Sereno, which represents 30 or more units leased per month since the community was formally opened at the end of February, and is a strong market demand indicator for a senior development,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Development Company, LLC.
The apartments include nine-foot ceilings, full-size energy efficient appliances, including refrigerators, stove/oven, built-in microwave, garbage disposal, dishwasher, covered balconies or patios, and washer/dryer connections. Community amenities include a community clubhouse with kitchen, Wi-Fi, on-site leasing office with property manager, game room, fitness room, yoga room, and laundry room.
Also available to residents is a walking path, exterior lighting, a courtyard with swimming pool and picnic tables, barbecue grills, bocce ball court, and beautiful landscaping. El Sereno offers an active social services program to fit resident needs. The property’s convenient Civic Center, post office, YMCA, Super Wal-Mart, and other retail services make this an ideal location for seniors seeking a new quality apartment community at affordable rents.
Dallas-based Casa Linda Development Corporation co-developed El Sereno, which was designed by Humphreys & Partners Architects with HCHP Contractors, L.P. serving as the general contractor. UAH Property Management of Dallas, TX, provides property management services.
To finance the development, El Sereno was awarded $1,500,000 annually over a ten-year period in tax credits from the Texas Department of Housing and Community Affairs (TDHCA). The Housing Tax Credit Program is a competitive program and is administered by the TDHCA.
The Housing Tax Credit Program creates housing opportunities for working families by offering tax credits to investors. The public/private federal program is the most successful affordable rental housing production program in U.S. history. Investors purchase credits allocated to competitive applications proposing by TDHCA and use the credits to offset a portion of their federal income taxes.
Bank of America was the tax credit investor and is providing the permanent debt. In addition, the Cibolo Economic Development Corporation provided an economic development grant of $250 for the development and construction of the affordable housing.