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Generation Housing Buys Dallas Church Property, Apartments on Way
Generation Housing Partners purchased an a 6.5-acre tract of land located at 4710 W. Illinois Avenue at Knoxville Street, directly across from the Dallas College Mountain View campus.
The land, occupied by a church, now slated for relocation at the time of the sale, will be the site of a new 200-unit Class A mixed-income multifamily community project, HiLine Illinois, by Generation Housing Partners in partnership with the City of Dallas.
Scott Smith and Corbin Tanenbaum, with Weitzman, represented the seller, the Templo De Alabanza church.
The $70 million project will be funded by $35 million in mortgage revenue bonds issued by Dallas Housing Finance Corporation, NOFA gap financing grants and 4% housing tax credits by the city.
The affordable housing project will include 40 one-bedroom units, 100 two-bedroom units and 60 three-bedroom units. Tenants will qualify who fall into the 30% to 70% of the area’s median income level.
- ◦Sale/Acquisition
- ◦Development
