San Antonio, TX (Thursday, June 28, 2021) – On Monday, June 28, San Antonio Housing Trust, an affiliate of Atlantic Pacific Communities (A|P Communities), and East Side Pinnacle Group, in conjunction with the George Gervin Youth Center, Wells Fargo, the City of San Antonio, and Bexar County celebrated the groundbreaking for Villas at Echo East, a multifamily residential development offering 192 affordable apartment homes for families in San Antonio’s Eastside. The inner-city housing development at 3018 E. Commerce will sprawl across seven acres of land along Spriggsdale Blvd., between E. Commerce St. and Martin Luther King Dr.
“Villas at Echo East represents Phase I of a major catalytic project that will bring quality affordable housing to one of the core areas of the East Side of San Antonio. The other two Phases of the project will bring additional housing units as well as commercial development,” said Barbara Gervin-Hawkins, State Representative for Texas’s 120th House District and Co-Founder of the George Gervin Youth Center. “I know for years the community has sought to bring this type of major development to this area of the eastside. Hopefully Villas at Echo East serves as a beacon of light that spurs other quality development that brings much needed housing, jobs and services.”
The property is conveniently located just 0.8 miles from the AT&T Center indoor arena and only 3.5 miles from downtown San Antonio with various family-friendly activities that are easily accessible. The development will add to the community’s critical infrastructure for high quality affordable housing and is expected to be completed October 2022.
“Breaking ground on Villas at Echo East was truly a testament to the collaborative persistence of our non-profit community and elected leaders to keep the need for high quality housing solutions front and center. We are pleased to have been part of the solution to bring Villas at Echo East to fruition. Kudos to Atlantic Pacific Communities and Wells Fargo who really stepped up,” said Pete Alanis, Executive Director of the San Antonio Housing Trust. “The San Antonio Housing Trust will continue to find ways to bring about creative housing solutions that are affordable, accessible, attainable, and sustainable for the residents of the Eastside and throughout our city.”
The property will offer 72 one-bedroom units, 96 two-bedroom units, and 24 three-bedroom units. Rental rates range from $834 – $1,156. Home to a fitness center, recreational room, business center, laundry facilities and a swimming pool – parents and children will have a wide array of amenities to enjoy directly on-site.
“Our partners have worked tirelessly to bring Villas at Echo East to life, and we are honored to work hand in hand with them to ensure their vision is realized”, said Dan Wilson, Senior Vice President of A|P Communities. “We are proud to contribute toward the success of this development and look forward to the significant positive impact it will have on its residents and the surrounding community.”
Villas at Echo East will provide quality affordable housing to families earning 60% or less of the area median income thanks to tax exempt bond financing and Housing Tax Credit (HTC) equity from Wells Fargo, $750,000 from Bexar County, $425,000 from the George Gervin Youth Center, and $2.55 million of Inner City (TIRZ) funds from the City of San Antonio.
“Developing quality and affordable housing in the Eastside of town is important to the city – this is one of our major priorities. I’m delighted the city was able to play a vital role in this much needed endeavor,” City of San Antonio Mayor Ron Nirenberg.
“I’m proud to have stood shoulder to shoulder with Representative Gervin-Hawkins and the community in building housing for people making 60% of the area median income and below,” said Tommy Calvert, Precinct 4 County Commissioner at Bexar County. “As we celebrate Juneteenth, it’s also not lost on me that this project is part African American owned, and it was a fight to get the land and I’m proud of my votes to allocate $2,550,000 to help the project. This will help people from the neighborhood stay in the neighborhood.”
“Wells Fargo values and appreciates the opportunity to work with A|P, the San Antonio Housing Trust, the George Gervin Youth Center, and other local partners to provide over $68 million in equity and debt financing for the new construction of 192 high quality, affordable housing units at Villas at Echo East,” said Neal Deaton, Managing Director and Regional LIHTC Equity Manager of Community Lending & Investment at Wells Fargo. “These new homes will bring much needed affordable housing to San Antonio and will have a profound impact on individuals and families for decades to come.”
