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APRIL 2019

Senior Housing Business

Highridge Costa, Casa Linda Open $21M Affordable Community in Texas

by Magazine staff

CIBOLO, Texas — Gardena, California-based Highridge Costa Development Company and Dallas-based Casa Linda Development Corporation have opened El Sereno Senior Living, an affordable seniors housing community in Cibolo, approximately 20 miles northeast of downtown San Antonio.

Development costs for the three-story, 136-unit property were estimated at $21 million. A total of 119 units are reserved for those age 55 and older earning 30 percent to 60 percent of area median income, while 17 are at market-rate rents. In addition, 10 of the units are specifically set aside for residents with disabilities.

Humphreys & Partners Architects designed the project, which HCHP Contractors built. UAH Property Management of Dallas provides property management services.

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 (TDHCA). Bank of America was the tax credit investor and is providing the $18 million construction loan. In addition, the Cibolo Economic Development Corporation provided an economic development grant for the development and construction of the affordable housing. 

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