Lancaster Urban Village Breaks Ground in Dallas

DALLAS, TX - Construction is underway on Lancaster Urban Village in Dallas, Texas.  First units are anticipated to be delivered for occupancy in early 2013.  This development is a $30 million mixed use, mixed income, transit-oriented development that will contain 193 residential units, 14,000 square feet of neighborhood retail and small office space, and a 395 space parking garage. 

Lancaster Urban Village will operate under the Low Income Housing Tax Credit (LIHTC) program, with all operations overseen by Capstone’s Dallas office. Capstone was selected based on its experience managing tax credit and new construction lease-ups.  The company has had a continuous presence in the Dallas market since 1979.

The company has managed properties operating under a wide spectrum of programs, such as LIHTC, RTC/AHDP Affordable Housing, Tax Exempt Bond, HUD Project-Based Section 8, Military Rent-Restricted, and Public Housing. Currently, Capstone manages over 20,000 affordable units, which ranks it as the 10th largest affordable housing management company in the country. In order to ensure that all operations meet and exceed government standards, Capstone’s Compliance department offers extensive support, training, and monitoring services.

Capstone Real Estate Services, Inc. is a full-service, third-party management firm presently managing approximately 33,000 multi-family units and 500,000 square feet of commercial space.  Founded in 1969, Capstone maintains 12 offices across 7 states and employs over 1,000 people in the field of property management, and its portfolio extends to over 95 cities.  The size of Capstone’s portfolio ranks the company as the 30th overall largest management firm in the nation.

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