Pedcor Investments is pleased to announce the groundbreakings of two new affordable housing developments, Crosswinds Apartment Homes (San Antonio, TX) and Denton Grove Apartment Homes (Denton, TX). Both communities will provide affordable rents to low and moderate income Texans and together represent approximately $150 million of economic investment.
Crosswinds Groundbreaking
This past March, Texas State Representative Steve Allison, San Antonio City Councilman Clayton Perry, and San Antonio Housing Trust members, along with lenders and investors in the project, joined Pedcor representatives for a groundbreaking ceremony for Crosswinds Apartment Homes. The 312-unit community, located on the north side of San Antonio on Loop 1604, will provide one, two, and three bedroom apartments for households earning from 30% to 60% of the area median income, which translates to approximately $25,000 – $50,000 annually for a family of four.
“The Crosswind Apartments will create safe and stable affordable housing for San Antonio families who are most in need. This represents a major step toward our commitment to the House America initiative by creating new deeply affordable housing for our residents,” said Mayor of San Antonio Ron Nirenberg.
LaMonte Thomas, a representative of CVS Health, stated about their investment in the project, that they are “committed to addressing housing insecurities and other social determinants of health in local communities across the country. In San Antonio, we’re focusing on addressing the affordable housing crisis by making investments that will provide people with equal opportunity for secure housing and access to resources that will help them create a brighter future for themselves and their families.”
The 291,000 square foot development will consist of 13 three-story residential buildings along with a host of amenities including a pool with a splash pad, BBQ grills and picnic tables, two playgrounds, a fitness center, a business center, a community room, a dog park, and onsite property management. The general contractor is SAHTPFC/Pedcor Construction JV, and the first wave of resident move-ins is anticipated in November 2023.
A Pedcor representative states, “We at Pedcor are thrilled to embark on our seventh partnership with the San Antonio Housing Trust. Our other communities in this utterly unique and thriving city have proven to be very successful, and it is always a privilege to interact with our neighbors, have the support of elected officials, and ultimately provide much needed housing to San Antonians.”
Crosswinds Apartment Homes is one of 181 communities in the Pedcor Companies portfolio and its 17th residential development in Texas.
Denton Grove Closing
On April 29, 2022, all financing for the new development of Denton Grove Apartment Homes was closed, allowing for the commencement of construction activities. The 276-unit affordable housing community will be Pedcor’s first in Denton, and is made possible through collaboration and investment from the Denton County Housing Finance Corporation, Merchants Capital, and Truist Community Capital, among others. Denton is a county seat in the Dallas-Forth Worth metro area, and this affordable community is less than a mile from the newly constructed courthouse complex. Its proximity to grocery stores, parks, schools, retail centers, and public transportation provides not only needed services but opportunities for residents to work close to home. The apartments are intended for households earning up to 60% of the area median income and will allow residents to enjoy an affordable and quality place to call home.
A Pedcor representative states, “North Texas is a truly dynamic place, and Denton is no exception. The high level of involvement from this community and the hard work of so many professionals will no doubt culminate in a beautiful addition to the city and an asset to the surrounding neighborhoods and residents it serves. We could not be prouder to be here.”
The 285,000 square foot development will consist of 12 two and three-story residential buildings and will offer 1 bedroom, 2 bedroom, and 3 bedroom floorplans. It will feature several community amenities including a pool with a splash pad, BBQ grills and picnic tables, a game court, two playgrounds, a fitness center, a business center, a community room, and onsite property management, among others. Apartments are anticipated to be available for rent in January 2024.
Pecor’s expansion into the city of Denton will provide stable, inclusive, and quality rental housing for the people in the community. Denton Grove Apartments is one of 181 communities in the Pedcor Companies portfolio and Pedcor’s 18th residential development in Texas.
Pedcor Companies is a full-service development, construction, property management, banking and finance team committed to creating stable, inclusive, and quality rental housing across the nation. We are cultivating thriving communities. For more information, please visit our website.
Pedcor supports the federal fair housing act and all state and local laws prohibiting discrimination in housing with regard to race, color, religion, national origin, sex, familial status, handicap, creed, sexual orientation, gender identity, and lesbian, gay, bisexual, transgendered (LGBT+) individuals. Pedcor is an equal opportunity provider and employer.