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Dallas – The Dallas Housing Finance Corporation (DHFC) has closed on the acquisition of The Briscoe, a 322-unit class-A multifamily property located at 12639 Coit Rd. The property was previously operating with full market-rate rents and will now reserve 161 units for residents earning at or below 80% of the area median income (AMI). The remaining half of the units will stay at market rates, providing a true mixed-income multifamily property in a high opportunity area of the city near job centers and with access to convenient transportation throughout the city.
“Having the first public facilities acquisition of an existing property in District 11 is a badge of honor,” Council Member Jaynie Schultz said. “I am pleased to hear of the rent reductions for many current residents and know the management will make all the citizens of Dallas proud.”
Current residents that earn at or below 80% AMI will see their rents reduced at their next lease renewal providing instant affordability to District 11 and the City of Dallas. All income-qualifying residents that are currently paying more than the income-restricted rents will see their rents lowered to that amount. This represents annual average rent savings of $222/month or $2,659/annually.
“The City of Dallas is excited to acquire The Briscoe through the Dallas Housing Finance Corporation and provide instant housing affordability to the city near jobs, retail, transportation, and other amenities. Current income-qualifying residents will actually see their rents lowered when they renew their lease if they’re currently paying above the restricted rental rates,” said Housing & Neighborhood Revitalization, Assistant Director, Kyle Hines, who also serves as the General Manager of the Dallas Housing Finance Corporation.
The DHFC partnered with Opportunity Housing Group (OHG) to acquire this property. OHG is a real estate development firm that specializes in mixed-income and workforce multifamily projects throughout the country.
“Opportunity Housing Group is very pleased to be working with the City of Dallas to bring affordable rents to middle-income residents who are currently being priced out of the market by massive rent increases,” said Lauren Seaver, President of OHG. “The program is unique in that the City is able to immediately convert an existing Class-A market-rate building like The Briscoe to affordable rents. We look forward to continuing to work with the City of Dallas on additional projects in the future” said Seaver.
This acquisition represents an $82 million investment into mixed-income housing for the City through the DHFC’s sole ownership of the asset. In terms of project equity, as sole owner of the property the DHFC is entitled to retain 100% of the sales proceeds. This is conservatively estimated to be $51 million in year 15 and $299 million if it is held until year 35. These revenues generated for the Corporation will be used to fund operations and the provision of additional affordable and workforce housing throughout the City.
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