Sotol
CASE STUDY
Property Summary
Location: Texas
Affordable Housing Program: Low-Income Housing Tax Credit
Units: 280 across 95 buildings
Lot size: 43 acres
ACQUISITION STORY
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Acquired off-market from a local housing authority that was unequipped and too under-funded to manage the asset.
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Damage from Winter Storm Uri (2021) was never repaired and occupancy sat around 50%.
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Lender issued default and planned foreclosure. We closed ahead of the foreclosure date and preserved affordable housing in the process.
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Low-density site close to CBD.
MANAGEMENT PLAN
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$10.4 million in property repairs and upgrades.
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Cure significant code violations from prior ownership and bring all units back online.
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Repeat past success of executing similar business plans on distressed assets.
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Increase occupancy and bring needed affordable housing stock to the community.
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Create and manage one of the premier affordable housing assets in the state.