Multiple partners planning an affordable multifamily housing development in a fast-growing Austin suburb, according to various announcements.
Nashville-based Elmington Capital Group said it will be developing the $73 million affordable apartment project "Yager Flats" in Manor, a small town of more than 5,000 located 12 miles northeast of Austin. Barings has ponied up $43.5 million in permanent financing, and Bank of America and Red Stone Equity Partners also are involved in the affordable multifamily housing project.
"Yager Flats will provide 300 units of #affordablehousing for the community of Austin, TX!" Red Stone said in an Aug. 17 Twitter post. "Congratulations to all our partners on this project."
Amenities in the community are expected to include a fitness center, clubhouse, pool and playground.
"This is an opportunity for Barings to work with Elmington, Red Stone Equity Partners and Bank of America to build and finance a project that will bring 300 affordable units to one of the fastest growing and dynamic markets in suburban Austin," said Barings Managing Director and Head of Affordable Housing Investments Daron Tubian said in Baring's news release issued the same day.
"Our partnership and long-term financing commitment to Elmington's project underscores our belief that the development of affordable communities is essential in all high-demand housing markets in the U.S."
When it's done, Yager Flats will boast 11 three-story buildings of 1-, 2-, 3- and 4-bedroom apartments with 461 parking spaces. Prospective tenants will need to meet income requirements of between 30% to 60% of Area Median Income.
The time is right for this sort of development, Red Stone Equity Acquisitions Managing Director Darren Swanson said in the Baring's news release.
"In a time when a lack of quality affordable housing continues to be a major challenge for so many fast-growing cities, we are thrilled to have had the opportunity to invest $29.3M of tax credit equity in Yager Flats," Swanson said. "This beautiful property will allow for 300 families to afford to live in the community they love."
