with investment from the AIC CEI-Boulos Opportunity Fund, a partnership between Allivate Impact Capital® and CEI-Boulos Capital Management.
DALLAS - (November 20, 2024) - The AIC CEI-Boulos Opportunity Fund, a joint venture between Allivate Impact Capital®, a subsidiary of Woodforest Financial Group, and CEI-Boulos Capital Management, announced an equity investment in a housing initiative to bring long-term affordable housing to the Lake Cliff neighborhood of Southwest Dallas. The project, termed the “Lake Cliff Affordable and Workforce Housing Project,” consists of three properties, each located within one mile of each other. Altogether, the developments encompass 263 units, which will be affordable to renters who earn 60% to 100% of Area Median Income (AMI). Many of the units will be formally restricted to be affordable either at or below 60% AMI and at or below 80% AMI for a period of 75 years.
“CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested by supporting impactful developments like the Lake Cliff Affordable and Workforce Housing Project,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The AIC CEI-Boulos Opportunity Fund is proud to be partnering with Savoy Equity Partners to help bring much needed transit-oriented long-term affordable housing to the Lake Cliff neighborhood.”
The small, predominantly Hispanic Lake Cliff neighborhood lags surrounding neighborhoods economically and needs revitalized affordable housing. The neighborhood suffers dilapidated housing stock with high vacancy and negligent ownership. The census tract in which the new developments are located is classified as “severely distressed” and as a “high housing need area” by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund.
The three properties that comprise the project are:
Noelle St.Clair Lentz, CEO and Managing Director of Allivate Impact Capital® added, “The affordable housing crisis continues to escalate in cities such as Dallas and often the only available affordable units are severely lacking in terms of quality. Our team at Allivate Impact Capital is committed to working alongside likeminded community partners such as CEI-Boulos Capital Management and Savoy Equity Partners to be early investors in innovative development projects that provide much needed quality, affordable housing options for individuals and families across our home state of Texas and the nation.”
As part of a tax-exemption agreement with the City of Dallas, 51% of the 202 newly constructed units will be formally rent restricted to be affordable for a period of 75 years. Forty-one percent of units will be restricted at or below 80% AMI, while 10% of the units will be restricted at or below 60% AMI. The remaining newly constructed units will be priced as naturally occurring affordable housing at or below 60%-100% AMI. Fifty-three of the units at Swope & Mangold will be priced for affordability at or below 60% of AMI, with the remaining eight units priced at or below 90% of AMI.
The project is being developed by Savoy Equity Partners, a Dallas-based real estate development company that specializes in multi-family affordable and workforce development throughout Texas. Savoy's portfolio includes ownership and operation of 22 properties within the Lake Cliff area, consisting of 947 units. The Lake Cliff Affordable and Workforce Housing Project will build on Savoy’s track record in completing community-minded affordable and workforce housing projects with the goal of contributing to revitalization of the area.
“We believe creating long-term affordable housing is one of the most impactful ways to strengthen communities and foster economic growth. The Lake Cliff Affordable and Workforce Housing Project is a testament to the power of partnerships in revitalizing neighborhoods while ensuring housing remains accessible to those who need it most,” said Barrett Linburg, Co- Founder of Savoy Equity Partners. He continued, “We are proud to have great investment partners like CEI-Boulos and Allivate Impact Capital, who share our commitment to creating sustainable developments through Opportunity Zone investments. Together, we’re excited to contribute to the continued transformation of the Lake Cliff neighborhood, bringing much- needed affordable housing and lasting economic benefits to the area.”
The project’s new construction will have a sustainability focus and will meet National Green Building Standard (NGBS) certification. Savoy Equity Partners has partnered with the Texas Tree Foundation to plant over 200 trees across 14 species to further beautify the Lake Cliff neighborhood. The project is transit-oriented with all three properties located within a five to 15- minute walk from multiple public transit options managed by the Dallas Area Rapid Transit, including the Dallas Streetcar System that connects with Downtown Dallas.
The project will create 730 construction jobs.
Construction on the ground-up developments of the Bowie and the Parker is expected to be completed in mid-2025 and early 2026, respectively. Renovations on the Swope & Mangold property were completed at the end of 2023.
