With the snip of a ribbon, the official opening of El Sereno Senior Living, a $21 million, 136-unit affordable apartment community for seniors age 55 and older, was commemorated today.  Public officials, community leaders, as well as members of the ownership and development teams attended the event.

Located at 213 Somerset Avenue in Cibolo, the new three-story wrap style apartment community features 136 units, including 99 one-bedroom apartments and 37 two-bedroom apartments.  Of the total, 119 units are for seniors earning 30 to 60 percent of the area median income (AMI) and 17 units are at market rate rents. Ten of the units were set aside for persons with disabilities.  

The apartments include nine-foot ceilings, full-size energy efficient appliances, including refrigerators, stove/oven, built-in microwave, garbage disposal, dishwasher, covered balconies or patios, and washer/dryer connections. Community amenities include a community clubhouse with kitchen, Wi-Fi, on-site leasing office with property manager, game room, fitness room, yoga room, and laundry room.  

Also available to residents is a walking path, perimeter fencing with secured gated access, exterior lighting, a pavilion with swimming pool and picnic tables, barbecue grills and beautiful landscaping.  El Sereno offers an active social services program to fit resident needs. The property’s convenient Civic Center, post office, YMCA, Super Wal-Mart, and other retail services make this an ideal location for seniors seeking a new quality apartment community at affordable rents.

Gardena, California-based Highridge Costa Development Company and Dallas-based Casa Linda Development Corporation co-developed El Sereno. The project was designed by Humphreys & Partners Architects with HCHP Contractors, L.P. serving as the general contractor.  UAH Property Management of Dallas, Texas provides property management services.

To finance the development, El Sereno was awarded $1,500,000 annually over a ten-year period in tax credits from the Texas Department of Housing and Community Affairs (TDHCA).  The Housing Tax Credit Program is a competitive program and is administered by the TDHCA. 

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.

“I’m excited for what El Sereno means for our community. It will provide safe, affordable housing for our seniors and I applaud all the hard work that went into securing these tax credits,” said State Rep. John Kuempel. 

Bank of America was the tax credit investor and is providing the permanent debt. In addition, the Cibolo Economic Development Corporation provided an economic development grant of $250 for the development and construction of the affordable housing. 

“Bank of America is pleased to be partnering with Highridge Costa Housing to provide this beautiful and affordable community for the seniors of Cibolo, Texas. The Bank’s construction loan of almost $18 million, along with our low income housing tax credit investment of just under $15 million, will help deliver 136 units of housing with wonderful amenities and services. I am proud to say that our relationship with this Sponsor has spanned over two decades, with over 3,200 units in the Bank’s investment portfolio. We highly value this relationship, and are proud of the positive impact our partnership brings to the communities we serve,” said Charmaine Atherton, Bank of America, N.A.

“Several thousand people choose to call Cibolo home every year and many of those are military retirees. Many more are senior citizens who want to move closer to their families. El Sereno gives affordable options to those retirees who want to make Cibolo their home,” said Cibolo Mayor Stosh Boyle.

Cibolo City Councilman Verlin ‘Doug’ Garrett —who represents District 2 where the new community is located — believes this project gives residents new opportunities. “El Sereno allows a segment of the population that is aging and that wants to downsize to still have a quality life and a quality of living,” he said. “This new community affords them the opportunity to do that. I fought for it and I love it. It’s just a blessing that we’re doing this today.”

“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 senior housing as we are doing here in Cibilo. We feel very fortunate that our ‘work’ creates such good for so many lives,” said Michael Costa, President and CEO of Highridge Costa Companies. 

“We are pleased to be playing a vital role in the development of El Sereno and thank all of the organizations and people who worked together shoulder-to-shoulder to build this affordable apartment community for seniors in Cibilo,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Housing, LLC.

Linda Brown, President of Casa Linda Development Corporation noted, “El Sereno would not have been possible without the support from federal, state and local officials.  El Sereno is an affordable place for seniors to call home for many years to come and Sara and I are so proud to have been a part of this beautiful community.”

###