Affordable Age-Restricted Community Opens in DFW Suburb
- Jul 08, 2019
The Bethlehem Baptist Church has opened Pioneer Place in Mansfield, Texas, according to cbslocal.com. Including 135 units, the property serves adults aged 55 and over. Carleton Management Services is in charge of operations at the fully affordable asset. Per Yardi Matrix data, the developer broke ground in 2018, when it took out a $15.3 million loan from Community Bank of Texas to finance the construction of the structure.
Located at 1197 W. Broad St. in suburban Dallas-Fort Worth, Pioneer Place is minutes from parks, shopping and dining options. The four-story development features one- and two-bedroom apartments. Amenities include a fitness center and business center. According to nbcdfw.com, the church purchased the roughly 5.5-acre site in Tarrant County in 2017 for $150,000. Rents at the independent senior living community are set to range between $325 and $900 per month.
The nationwide affordable housing crisis has prompted faith-based organizations to step in. By collaborating with private developers, more and more religious institutions are either purchasing plots of undeveloped land or using their own land to develop affordable properties.