The community will also implement the SAHT’s Tenant Protections Policy which was adopted by the Trust earlier this year. Through this new partnership, Lavoro Capital Holdings agreed to extend the affordable housing options at Trove Southtown to 55 years, instead of 27 years under the former partnership structure. As an owner of attainable housing properties across Texas, Lavoro decided to brand all of its properties with the Trove name to signify consistent quality to residents and communities. The word “trove” means a collection or store of valuable things. The SAHT shall remain the owner of the property while, Lavoro Capital Holdings, will lease the property and operate the mixed-income apartment complex, now known as Trove Southtown, a 252-unit apartment complex managed by Avenue 5 Residential. Both the City of San Antonio and SAHT will use these proceeds to reinvest in affordable housing programs and initiatives in San Antonio.Ĭredited with helping to revive Southtown while providing mixed-income Class A housing, the Cevallos Lofts was originally built in 2011 with Low Income Housing Tax Credits and City HUD funds as well as a partnership with SAHT.
This sale allowed the repayment of approximately $3.6 million in City NSP and HOME program loans and provided $3.2 million in revenues for the San Antonio Housing Trust (SAHT) Public Facility Corporation.
San Antonio, Texas (November 4, 2021) – The San Antonio Housing Trust and NRP Group have completed the sale of their partnership interest in Cevallos Lofts, a mixed-income housing community located at 301 E.