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Hunt Capital Partners Closes on New Multi-Family Development in El Paso
LOS ANGELES, July 17, 2018– Hunt Capital Partners closed $10.61 million in low-income housing tax credit equity (LIHTC) financing for the new construction of Villas at Sandstone, a 118-unit development for families in El Paso, Texas. Developed by Investment Builders, Inc., Villas at Sandstone marks the sixth project in which Investment Builders and Hunt Capital Partners have collaborated.
The U.S. Census Bureau reports that El Paso’s poverty rate is approximately 22 percent. This statistic underscores the need for affordable housing. Located near the Southeast corner of North Zaragoza Road and Rich Beem Boulevard, Villas at Sandstone opens the door for more low-income families in Eastern El Paso to access quality housing.
“El Paso is an important community for Hunt Capital Partners given our partnership with Hunt Companies, Inc., and we are committed to bringing more affordable housing to the city,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “We also want to thank Citi for partnering with us and investing in Villas at Sandstone.”
Construction is underway for Villas at Sandstone, which will comprise 10 garden style residential buildings on seven acres of land. When complete in January 2020, Villas at Sandstone will offer six one-bedroom, 52 two-bedroom, 56 three-bedroom and four four-bedroom units to families who earn up to 30, 50 and 60 percent of the area median income. All homes will be furnished with a full set of amenities, including modern appliances, central heating/air conditioning, walk-in closets and in-unit washer/dryers. Within the 118 units, six units will be set aside for individuals with Special Needs, six will be reserved for the mobility impaired, and two will be allocated for the hearing or visually impaired. Villas at Sandstone will also have a clubhouse onsite, which will include a management office and an exercise facility. Tenants will also enjoy use of the community playground and swimming pool on the property. Supportive services, such as GED preparation, health and nutrition courses, English as a second language classes, and homebuyer education, will also be offered to residents.
Villas at Sandstone has a total development cost of $16.29 million. Hunt Capital Partners facilitated the investment of federal tax credit equity by Citi through its proprietary investor fund, Hunt Capital Partners Tax Credit Fund 19. Spearheaded by Investment Builders, the development team comprises AHP Contractors, LLC as the general contractor, Wright & Dalbin Architects, Inc. as the architect, and LEDIC Realty Company, LLC as the property manager.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, HCP has raised over $1.5 billion in tax credit equity. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. For more information on Hunt Capital Partners, please visit www.huntcapitalpartners.com, or for Hunt Companies, please visit www.huntcompanies.com