San Antonio Business Journal
New affordable senior living apartments open in Cibolo
by Ryan Salchert
The El Sereno Senior Living apartments, a 136-unit affordable senior living complex in Cibolo, will open Wednesday.
The $21 million project was co-developed by Gardena, California-based Highridge Costa Development Co. and Dallas-based Casa Linda Development Corp. The three-story, wrap-style apartment community at 213 Somerset Ave. features 99 one-bedroom apartments and 37 two-bedroom apartments. Of the total, 119 units are for people 55 and older earning 30 to 60 percent of the area median income, while 17 units will rent for market rate. Ten of the units have been set aside for people with disabilities.
“Several thousand people choose to call Cibolo home every year, and many of those are military retirees. Many more are senior citizens who want to move closer to their families. El Sereno gives affordable options to those retirees who want to make Cibolo their home,” Cibolo Mayor Stosh Boyle said in a statement.
Designed by Dallas-based Humphreys & Partners Architects with HCHP Contractors LP serving as the general contractor, the property will be managed by Dallas-based UAH Property Management. To finance the development, El Sereno was awarded $1.5 million annually over a 10-year period in tax credits from the Texas Department of Housing and Community Affairs. Bank of America was the tax credit investor and is
providing the permanent debt for the property. The bank said its construction loan was $18 million while the low-income tax credit investment was just under $15 million. In addition, the Cibolo Economic Development Corp. provided a $250 grant for the development and construction of the affordable housing.
The apartments include 9-foot ceilings; full-size energy- efficient appliances, including refrigerators, a stove and oven, built-in microwave, garbage disposal and dishwasher; covered balconies; and washer-dryer connections. Community amenities include a clubhouse with kitchen, Wi-Fi, on-site leasing office with property manager, game room, fitness room, yoga room and laundry room. Also available to residents is a walking path, perimeter fencing with secured gated access, exterior lighting, a pavilion with swimming pool, picnic tables and barbecue grills.download san-antonio-business-journal-el-sereno.pdf