National Church Residences has expanded its affordable senior housing portfolio in Texas with the acquisition of Westminster Square Apartments in San Antonio.
Built in 1980 under the federal Section 202 program, the property is the nonprofit’s 32nd community in Texas and its third in the San Antonio metro area, with additional plans for growth.
Westminster Square was acquired from Pilgrim Allena Housing Development Corp. for approximately $8.3 million.
“Our immediate improvement plans will enhance Westminster Square with the long-term goal of preservation, enhancing the quality of life for current residents, and maintaining this affordable senior housing within the San Antonio area,” said Daniel Patrick, director of senior housing acquisitions.
With 107 units in its three-story complex, Westminster Square serves seniors 62 and older. Amenities include van transportation, a pet park, on-site laundry, multiple elevators, and a service coordinator to assist residents by identifying needs and connecting them with area providers. The development is located near shops and restaurants.
“In looking for a prospective buyer we were contacted by six organizations indicating an interest in purchasing Westminster Square, and we found National Church Residences to be a perfect match,” said William Lucks, president of the board of directors for the Pilgrim Allena Housing Development Corp.. “Both organizations are dedicated to serving residents and giving them a safe and comfortable community for seniors to enjoy.”
To finance the acquisition, Lument provided a Federal Housing Administration (FHA) loan. National Church Residences also used company equity.
“By working with the Department of Housing and Urban Development and utilizing its FHA loan program, we were able to obtain favorable acquisition financing that bolsters National Church Residences’ continued efforts to preserve and enhance vital affordable housing in the city of San Antonio, the state of Texas, and throughout the country,” said Tyler Probst, vice president at Lument.
National Church Residences will take over management of the community.
The organization serves more than 42,000 seniors through its array of housing and health care services. With 340 communities in 25 states, National Church Residences is the nation’s largest nonprofit provider of affordable senior housing and the largest manager of service coordinators.
