Michaels Achieves Financial Closing For New Community In Ennis Texas
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Construction poised to start on new community that will add high-quality workforce housing opportunities for families in Ellis County
The Michaels Organization, a national leader in residential real estate and the largest private owner of affordable housing in the country, has successfully closed on the construction financing for a new workforce housing community in Ennis, Texas. The Bluebonnet Ridge development will serve the growing need for workforce housing in North Central Texas by delivering 264 newly constructed apartment homes just south of Dallas.
“The City of Ennis is happy to welcome Bluebonnet Ridge to our community. This project took some time but through the diligence of the City Staff and Michaels Development, we are one step closer to a quality multi-family development, said Angie Juenemann, Mayor of the City of Ennis. “I look forward to the grand opening!”
The $51 million development, located at 200 Valek Road on the southeast side of Ennis, will comprise nine, three-story apartment buildings on approximately 15 acres of land. This new community will be less than two miles from historic downtown Ennis in close proximity to schools, shopping, and entertainment.
Bluebonnet Ridge Apartments will feature modern, high quality, energy-efficient apartments in one-, two- and three-bedroom layouts. Amenities will include a fully functional community room, leasing office, business center, pool, and fitness center. All 264 apartments will be income-restricted and affordable to households earning 60 percent or less of the Area’s Median Income.
“Michaels is proud to have partnered with the North Central Texas Housing Finance Corporation to bring this much-needed workforce housing to Ennis,” said Michaels Vice President, Ryan Zent, who is serving as the lead developer. “We are grateful to all the neighborhood stakeholders as well our funders for their support.”
Zent also served as lead developer on Michaels’ most recent affordable living community in the Lone Star State, Mission Trail at El Camino in San Marcos, Texas, which celebrated its grand opening this month.
Financing for Bluebonnet Ridge Apartments includes $20 million in private equity raised through the sale of federal Low Income Housing Tax Credits. US Bancorp Community Development Corp. invested in the tax credits and also provided a $42 million construction loan. Greystone Servicing Company and Freddie Mac will provide the permanent financing once completed and occupied.
“Working with the Michaels team was an absolute pleasure,” said Ryan Harkins, Director, Greystone. “This is a beautiful and much needed project for Ennis, TX. There’s a reason they are the leading affordable developer in the country and we got to experience it first-hand. We are happy to be a part of it.”
“U.S. Bank believes everyone deserves an opportunity to achieve financial stability, and access to affordable housing is a key part of that,” said Jon Lisella, Vice President with U.S. Bancorp Community Development Corporation, the tax credit and community investment subsidiary of U.S. Bank. “The Michaels Organization is a long-time partner and we’re excited to work with them again to bring safe, high-quality, workforce housing to the Dallas area.”
Bluebonnet was designed by Urban Practice, marking their first community in the State of Texas, and will be built by Michaels Construction serving as the general contractor. Upon completion, Michaels Management will provide management services ensuring it remains a neighborhood asset for decades to come.
Bluebonnet Ridge Apartments is expected to be available for rent in 2023.
About the Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
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