New Sustainable $67 Million Multi-Generational Affordable Housing Project Breaks Ground in Austin

New Sustainable $67 Million Multi-Generational Affordable Housing Project Breaks Ground in Austin

AUSTIN, TX - Representatives, partners and community members from the city of Austin, Texas joined developer LDG Development for a ground breaking ceremony to celebrate a new multi-generational apartment community serving families and seniors on a limited income.

"We look forward to showcasing this livable community to other cities as a model of what can be achieved when working with an involved, thoughtful community and an experienced developer," said Michael Gerber, President and CEO of Housing Authority of the City of Austin.

The Pointe at Ben White and The Villages at Ben White will be a 433-unit neighborhood with garden style apartment homes for working families and those 55 and older earning 60 percent of Austin's area media income. Multi-generational housing is a concept gaining traction in the affordable housing field for its potential to strengthen communities by univer sally designing an area linking the needs of children and the aging population. Although The Pointe and The Villages are their own entities, they are adjacent to one another and within the same gated area.

"The Pointe and The Villages at Ben White are both walkable and transit-oriented," said Chris Dischinger, Principal of LDG Development. "These are two common needs for the young and the young-at-heart. Both generations need a range of services that include childcare and/or senior services, parks, grocery stores and healthcare. These new homes will be conveniently located near St. David's Medical Center, Dell Children's Hospital, Walgreens, a new Veteran's Administration, three schools and a future light rail system going down Riverside."

The Pointe at Ben White will feature 250 beautiful one, two and three bedroom units with a combination of plush carpeting and hard wood. Ceiling fans and window blinds will accompany Energy Star appliances such as a new stove, refrigerator, dishwasher, washer/dryer hookups, microwave and central A/C, all of which meet Austin green building standards. Onsite community amenities include a furnished clubhouse , a business center with complimentary wi-fi, a state-of-the-art exercise facility, and a lush outdoor setting complete with a swimming pool and playground.

The Villages at Ben White will situate over 11 acres of the total 27-acre community and will provide 183 one, two and three bedroom units with the same deluxe amenities as The Pointe."R4 Capital is excited to be involved in such a great development with our client, LDG Development. The Villages at Ben White will provide safe and clean housing to seniors and families in this muchneeded growing housing market," said Jay Segel, R4's Executive Vice President.

Phase one of construction starts immediately on The Pointe located at 7000 East Ben White Boulevard; Austin, Texas; 78741. The community is located on the westbound side of Ben White Boulevard between Riverside and Montopolis.

LDG Development wishes to acknowledge the Texas Department of Housing and Community Affairs for its allocation of housing tax credits, Austin Affordable Housing Corporation as project owner, Enterprise for their equity investment with The Pointe, BofA and HUD for providing the construction and permanent lending for The Pointe, R4 Capital for their equity investment; Google, Redstone and Community Southern Bank for their financial contributions to The Village and The Weber Group, Inc and Studio A for architecture and design. Also, a special thanks to Coats Rose for their legal council during this venture.

"As members of the Austin community, we at Google are proud to be part of this project to provide 183 seniors with newly constructed, affordable homes," said Gerardo Interiano, Public Affairs and Government Relations Manager at Google. "Our investment in the Villages at Ben White is designed to create high quality affordable housing and supportthe local community here in Austin."

"We are proud to play a part in providing the senior citizens of Austin,Texas with a comfortable and affordable community where they can feel at home, says Mark Abernathy, President of Community and Southern Bank. "Partnering with LOG and AAHC affords CSB the opportunity to serve Austin's senior community in a meaningful way. This exemplary development re flects our commitment to serve our communities beyond traditional banking services."

Source: LDG Development / #Apartments #Multifamily

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