News - 2007
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2007-012
Amelia Parc Senior Apartments Receives $7.4 Million in Tax Credits for New Construction in Texas
Amelia Parc Senior Apartments Rendering
Fort Worth, Texas
Columbus, OH, May 31, 2007—Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, syndicated low income housing tax credits ("LIHTC") for the new construction of a seniors property in Ft. Worth, Texas.
Amelia Parc Senior Apartments will consist of 196 one- and two-bedroom affordable garden apartments housed in seven residential buildings, and situated on eighteen acres. All of the apartment units will be restricted and reserved for seniors households earning no more than 60% of Area Median Income. Each unit will boast high quality amenities including a range, refrigerator with icemaker, dishwasher, microwave, disposal, washer/dryer connections, walk-in closets, window treatments, ceiling fans, crown molding in living and dining rooms, high-speed internet access, and covered patio or balcony. Residents may also rent additional amenities such as tuck-under garages, carports and storage lockers. Common amenities will include a clubhouse with fitness center, business center, coin-operated laundry, and social activities rooms operated by Common Threads – a local non-profit provider of social services. An interior, open-air courtyard will contain a swimming pool, children’s playground, putting green, and shrubbery labyrinth. The community will be secured by perimeter fending and controlled access gates.
Red Capital Markets, Inc. syndicated the property’s allocation of $7,412,500 in LIHTC.
The sponsor, One Prime, L.P., currently holds a portfolio of five LIHTC properties including two properties now under construction, and two planned starts including Amelia Parc. Hal T. Thorne is the principal owner of One Prime, L.P. and has been involved in a variety of commercial, retail, and residential development projects in the Dallas-Ft. Worth area for the past several decades. One Prime, L.P.’s LIHTC development activities are directed by William B. Thorne. One Prime, L.P. will be the general partner and developer for Amelia Parc. The general contractor will be Integrated Construction & Development, and the property manager will be Alpha-Barnes Residential Services.
