Gardner Partners with Dallas Suburb on Senior Housing
- Sep 02, 2020
Gardner Capital is expanding its presence in the Dallas-Fort Worth region with a public-private partnership with the city of Fate, Texas, to build Gala at Fate, a 185-unit affordable housing development for seniors.
The company, which specializes in multifamily housing and renewable energy development and investment, is partnering with the city of Fate through the city’s Public Facilities Corp., which will lease the land and partner with Gardner for long-term ownership and operation of the project. The lease will give the city additional revenue to be used for future public or economic efforts. Allen Robbins, president of the Fate PFC, said in prepared remarks creating the PFC was the key to getting the project off the ground to provide high-quality senior housing.
Located at 359 E. Black Oak Lane, Gala at Fate will have one-, two- and three-bedroom units and will serve seniors of all incomes, including those on fixed incomes. Described as high-quality, the property will have upgraded architecture and fixtures along with a resort-style swimming pool, fitness center and clubhouse. The development is scheduled to deliver in January 2022. Treymore Construction is the general contractor. CREA and Citibank are additional partners for the project. Citibank is providing construction and permanent financing.
Growing in Texas
Michael Gardner, principal & CEO of Gardner Capital, said in a prepared statement the company will continue to increase its annual investment in markets throughout Texas, including more affordable housing and mixed-income projects for seniors and families.
Last month, Gardner completed construction of Gala at Four Corners, a 90-unit luxury senior living community in the Houston suburb of Sugar Land, Texas. Gardner partnered with Five Woods and SuperUrban Realty Ventures on the development and financial partners included RBC Capital Markets and the Fort Bend Housing Finance Group. That property is about 7 miles north of downtown Sugar Land, where Gardner completed Provision at North Valentine, a 144-unit mixed-income community in Hurst, Texas, in August.
Also in August, Gardner completed Spring Hill Senior Residence, a 61-unit affordable senior housing community in West Dundee, Ill., a Chicago suburb. Gardner partnered with the Housing Authority of Elgin in nearby Elgin, Ill., on the development. Financial partners included Fifth Third Bank and Raymond James. The Illinois Housing Development Authority served as the permanent lender.