A local developer received funding to build a low-income rental community near downtown Dallas.
Dallas-based Sphinx Development Corporation acquired $34.25 million in financing to build 204 units in the planned Fiji Lofts apartment community. Completion of the project is expected by the end of 2023.
The structure will be located at 301 S. Corinth, on 2.7 acres south of downtown Dallas. The developers project the cost will exceed $55 million. Sphinx Development intends the complex to serve people who only earn 60% or less of Dallas’s average income which is around $35,000 per capita or $55,000 per household, according to U.S. Census data.
Roughly 4% to 7% of North Texas’ new apartment starts are for “affordable” units, according to estimates by RealPage.
Besides a building-rental portfolio of 2,600 housing units, Sphinx Development built the 49-unit Fiji Townhomes located near the site of the future low-income rental community. The developer is also working on additional building rental projects in Freeport and Lake Jackson.
According to a spokesperson for Sphinx Development, this recent financing round completed another step in its multi-part master-planned community. Phase one was completed in 2010 with the 130-unit Fiji Senior Villas, followed by the 49-unit Fiji Townhomes community in 2017.
Financing for the project was received from Citibank, Berkshire Hathaway Affordable Housing, and Cameron County Housing Finance Corp.
