Dallas Buys Rental Community, Converts to Affordable Housing
In a unique deal for Dallas, the city has acquired some off-the-shelf housing in North Dallas to convert into affordable housing.
The City of Dallas acquired the 322-unit Briscoe Apartments near the LBJ Freeway and the Central Expressway, directly across from Costco. The seller was Madera Residential, a real estate investment firm based in Lubbock. The cost of the acquisition is nearly $83 million and will be funded by housing bonds issued by the city. The city will forego an estimated $8.1 million in tax revenue over 15 years.
Half of the property’s 322 units will be capped by market rents at a level affordable for renters earning less than 80% of the area’s median income, which is currently $54,550 for a Dallas single and $62,350 for a two-person-household amounts. The typical resident will save $250 a month or $3,000 a year in rent versus what renters paid before the sale.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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