A 70-unit affordable apartment community will be built to help the affordable housing needs of families in the Travis Heights neighborhood of Austin, Texas.
Aria Grand is being developed by partners O-SDA Industries and Saigebrook Development and will be financed with approximately $10.8 million in low-income housing tax credit equity from Boston Capital.
"The city of Austin and its surrounding communities feature strong and diverse local economies, booming populations, and high demands for affordable housing," said Jack Manning, president and CEO of Boston Capital. "We are excited to once again partner with Megan Lasch, Lisa Stephens, and the teams at O-SDA Industries and Saigebrook Development in the construction of Aria Grand, which will create much-needed affordable homes for families and individuals."
Located on nearly 1.5 acres, Aria Grand will include 12 one-, 30 two-, and 28 three-bedroom units. Unit amenities will include central air conditioning and EnergyStar appliances, including dishwashers and full-size washer/dryer connections. Community amenities will include covered parking, a two-level 2,500-square-foot clubhouse, a community room, a computer center, and on-site management offices. Additional amenities will include covered bike parking and picnic areas.
Thirty affordable units will be available to families and individuals earning no more than 60% percent of the area median income (AMI), 24 units will be available at 50% of the AMI, and six units will be available at 30% of the AMI. Seven units will be set aside for permanent supportive housing for very low- and extremely low-income adults with disabilities. There will also be 10 units at market-rental rates.
Boston Capital is a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market-rate apartment communities. The firm’s holdings presently include more than 1,556 multifamily apartment properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam, constituting 120,925 apartment homes with a development cost in excess of $19.6 billion.