GARDENA, California, August 18, 2016 – Today ground was officially broken on The Heights Apartments, a $19 million, 128-unit affordable, multi-family development to be built on the southwest corner of South Raul Longoria and East Wisconsin roads in Edinburg, Texas. The event was attended by State and Local public officials, community leaders as well as members of the ownership and development team.
“It is wonderful when public/private partnerships successfully come together to create an outcome that works for the community and improves the quality of life for the residents,” said State Representative Terry Canales. “The Heights is a perfect example of how the various levels of government can work together with private developers to provide quality affordable housing options for area residents.”
The new contemporary garden-style apartment community will comprise of eight, two-story buildings that offer one, two and three-bedroom rental units. Features of the high-quality construction project include a pavilion and swimming pool, picnic area, perimeter fencing with gated entry, exterior lighting, playscape and beautiful landscaping.
Indoor amenities include a furnished community clubhouse with fitness area, business center, laundry room, kitchen, and onsite leasing office with property manager and staff. Each apartment will feature nine-foot ceilings, central air-conditioning and heating, full-size energy efficient appliances, including refrigerator, garbage disposal, stove/oven, and dishwasher, plus washer/dryer connections, cable TV hookup and a private patio or balcony.
Dallas-based Casa Linda Development Corporation and California-based Highridge Costa Housing, LLC are developing The Heights. The project has been designed by Humphreys & Partners Architects.
To finance the development and construction, Wisconsin Street Housing, LP, the project owner, was awarded $1,432,741 annually for a 10-year period in tax credits from the Texas Department of Housing and Community Affairs (TDHCA) in July 2015. Our investment partners are Victoria Capital along with Aegon USA Realty Advisors, LLC and Citibank Community Capital.
Edinburg City Officials are excited about additional affordable housing in the continuously growing City. “We welcome The Heights development and are proud to be part of this project. It comes at a perfect time as the demand for affordable housing has increased because of the new medical school and our new university. Our population has increased by 19 percent since the 2010 Census and we anticipate this will continue, so the additional housing will definitely help,” said Mayor Richard H. Garcia.
The Housing Tax Credit Program creates housing opportunities for working families by offering tax credits to investors. The public/private federal program is the most successful affordable rental housing production program in U.S. history. Investors purchase credits allocated to competitive applications proposing by TDHCA and use the credits to offset a portion of their federal income taxes.
“Few industries have a greater impact on low-income Americans than does ours. At Highridge Costa, we take tremendous pride in our ability to create quality new affordable multi-family housing as we are doing here in Edinburg. We feel very fortunate that our ‘work’ creates such good for so many lives,” said Michael Costa, President and CEO of Highridge Costa Companies of Gardena, California.
“We are pleased to be playing a vital role in the development of The Heights and thank all of the organizations and people who worked together shoulder-to-shoulder to build this affordable apartment community for working families in Edinburg,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Housing, LLC.
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About the Developers
Mohannad H. Mohanna is the President and Managing Member of Highridge Costa Housing, LLC. Founded in 1994 by Costa, and acquired by Costa and Highridge Partners in 2010, the Highridge Costa Companies specialize in the development, financing, construction and asset management of affordable and mixed-income housing for families and seniors utilizing low-income housing tax credits, as well as other types of public and private financing. For more information, visit www.housingpartners.com.
