News - 2008
2005-024
RED CAPITAL GROUP Provides LIHTC Equity for Phased Affordable Multifamily Property in Texas
Anson Park Apartments, Phase I
Abilene, Texas
Columbus, OH, August 10, 2005 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking arm of comprehensive capital provider RED CAPITAL GROUP, recently financed $5.35 million in Section 42 low income housing tax credits for the second phase of an affordable housing project in Abilene, Texas. Red Capital Markets, Inc. also syndicated the tax credit allocation for phase one previously, bringing the total of low income housing tax credits financed for the project to approximately $11 million.
Phase two of Anson Park Apartments (80-units) will be built on the 21-acre site where phase one (64-units) was constructed and is currently leasing. Upon completion, the combined project will consist of eighteen two-story buildings containing 144 one-, two- and three-bedroom units. Apartment units at Anson Park will provide some of the largest floor plans in the market, and will contain upscale amenities such as walk-in closets, laundry connections, and large picture windows. Common amenities will include a clubhouse, daycare facility, playground, and swimming pool, and the property will offer free tenant supportive services. Approximately 85% of the units will be affordable to families earning between 30% and 60% of Area Median Income. The City of Abilene is located approximately 150 miles west of Dallas and 150 miles southeast of Lubbock, Texas.
Both phases of Anson Park are being developed by Austin-based Tejas Housing & Development, Inc. Mr. R.J. Collins, President of Tejas Housing & Development, has over forty years of experience in the real estate industry, including brokerage and development of multifamily, single-family, and commercial properties, as well as the administration of public real estate finance entities.
