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. Cevallos St. in San Antonio’s Southtown neighborhood. 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. Both the City of San Antonio and SAHT will use these proceeds to reinvest in affordable housing programs and initiatives in San Antonio.
Credited 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. 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.
The word “trove” means a collection or store of valuable things. 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. 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. The community will also implement the SAHT’s Tenant Protections Policy which was adopted by the Trust earlier this year.
Lavoro plans to further invest in Trove Southtown by refreshing common areas such as the leasing area, pool and amenity deck, fitness center, business center, and various lounge areas throughout the property. Additionally, the property is increasing programming within these common areas to strengthen the community.
“Opportunities to extend long term affordability of 50% AMI housing units, increase tenant rights and protections, and provide San Antonio with a financial benefit for our community was achieved in this transaction. Our new relationship with Lavoro Capital is proof that public and private sectors can work together for the long-term benefits of preserving affordable housing in our community,” said Pete Alanis, Executive Director of the San Antonio Housing Trust. “The solutions are rarely simple, but they are out there and the San Antonio Housing Trust will continue to explore innovative ways to bring about housing solutions that are affordable, accessible, attainable, and sustainable for the residents of San Antonio.”
Since 1991, the SAHT has provided financial assistance for projects designed to support the City of San Antonio’s efforts of creating and preserving housing that is primarily affordable, accessible, attainable, and/or sustainable to residents within the City of San Antonio; and to support community development efforts that build and sustain neighborhoods, empower residents, and provide for positive equitable outcomes. More information about SAHT and its programs can be found at www.sahousingtrust.org.
About the San Antonio Housing Trust and Foundation
The San Antonio Housing Trust provides opportunities to support affordable housing projects, programs, and initiatives in the form of loans, grants, and partnerships. Its goal is to align strategic housing investments with equitable values of economic inclusion, racial and ethnic diversity, and focus on underserved and vulnerable populations. The Trust is a fund established with a $10 million corpus by the City of San Antonio governed by a Board of Trustees appointed by the San Antonio City Council. The day-to-day administration of the Housing Trust Fund and its affiliated entities is performed by the San Antonio Housing Trust Foundation, Inc. initially formed in 1991, as a Section 501(c)(3) non-profit organization, under contract with the City of San Antonio.
About Lavoro Capital Holdings
Lavoro Capital Holdings is a fully-integrated real estate investment and development company focused exclusively on attainable housing assets in target markets across Texas. More information about Lavoro can be found at www.lavorocapital.com. At Lavoro, we firmly believe in the “double bottom line” – delivering consistent risk-adjusted returns for our investors while providing a long-term benefit and enrichment to the communities we invest in.