Housing Experience

Although the company's development experience goes back to the mid 1980s, major accomplishments in this arena have been recent and quite contemporary.

The company’s first major project is a $5.4 million acquisition and development of an apartment rental community in Dallas, Texas called Timber Park Apartments. Acquired in September 1995, the 158-unit project received $4.5 million in Tax Credits reservation from the Texas Department of Housing & Community Affairs (TDHCA) to subsidize its acquisition and rehabilitation budget. Community Housing Funds of Florida provided equity funding through tax credit syndication, with rehabilitation loan provided by First State Bank of Arlington, Texas. Although sold before completion, the project is fully occupied by low to moderate-income families.

The Homes of Parker Commons

SDC broke ground on an $18 million apartment rental community - "The Homes of Parker Commons" in Fort Worth, Texas. Located in the dynamic "Hospital District" of the city, this 190-unit one, two and three bedroom apartment complex was conceived in January 1998 and subsequently received $11.2 million in Tax Credits reservation from the TDHCA, as well as an estimated $2 million in "historic preservation credits" to subsidize the rehabilitation and development budget. AIG-Sun America provided equity funding through tax credit syndication, with interim rehabilitation and construction loan provided by Key Bank of Ohio. Development of the project received an enormous amount of press coverage, in tandem with neighborhood and political support due to the historic preservation of its two major buildings, the Alexander Hogg and Parker Commons, circa 1910. The project is completed and stabilized with happy residents since September 2002.

Ewing Villas and Bachon Town homes

In June 2002, SDC closed on the construction loan and equity syndication for the development of Ewing Villas and Bachon Town homes. The Ewing Villas project is an 80-unit town home rental community of three and four bedrooms with attached garages. The project is a mixed income community targeting low to moderate income families, as well as market rate tenants. This $10 million development is located adjacent to Dallas Zoological Gardens. The Bachon Town Homes project is a 120-unit town home rental community located in the bustling community of Wylie, Collin County, Texas. This $13 million development is in the growth path of Dallas PMSA and will enjoy sustaining occupancy level for a long time. Both projects were financed through a $11.4 million equity syndication proceeds from Wachovia Securities and a $9.86 million construction loan (with a permanent loan take-out) from Chase/JP Morgan utilizing a Freddie Mac program. Completed in December 2003, both projects are projected to stabilize in occupancy by end of May 2004.

BACHON
505 Fleming Court
Wylie, Texas 75098
972-461-9933
Fax: 972-429-3599
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EWING VILLAS

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Murdeaux Villas

In June 2003, SDC commenced construction the Sphinx at Murdeaux Villas, a 240-unit apartment rental community located on an 18-acre tract at the southwest corner of Loop 12 and Murdeaux Lane, in a wooded setting within the Pleasant Grove community of Dallas, Texas. This $22 million development was financed utilizing $15 million in Private Activity Bonds, TDHCA as issuer; and $5.10 million in equity through syndication of tax credits from Lend Lease Corporation. The units comprise of 64 two-bedrooms, 128 three-bedrooms and 48 four-bedrooms, each unit type with two baths, appliances, high-speed Internet connections, washer and dryer connection. The project is an affordable housing community targeting low to moderate-income families with construction completion estimated by September 2004.
MURDEAUX VILLAS
125 S. Murdeaux Lane
Dallas, Texas 75217
214-398-4110
Fax: 214-398-6855
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Delafield Villas

On July 15th, 2004, construction of this contemporary 204 unit town home style rental community with courtyard, manicured landscape and detached garages commenced. The project is located on a 12-acre tract at the southwest corner of Delafield and Hoyle Avenue, within the Pleasant Grove community of Dallas, Texas. This $18 million development was financed utilizing $11.4 million in Private Activity Bonds, TDHCA as issuer; and $6.8 million in equity through syndication of tax credits from Wachovia Securities. The units comprise of 44 one-bedrooms, 88 two-bedrooms, and 72 three-bedrooms, each unit type with two baths, appliances, high-speed Internet connections, washer and dryer connection. The project is an affordable housing community targeting low to moderate-income families. Completed in September 2005 and currently rented and stabilized.
DELAFIELD VILLAS
4101 Delafield Lane
Dallas, Texas 75227
214-388-0074
Fax: 214-388-5872
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Luxar and Reese Court Villas

In August 2006, SDC closed on the construction loan and equity syndication for the development of Sphinx at Luxar Villas and Reese Court Villas. The Luxar Villas project is an 120-unit town home rental community of one, two, and three bedrooms with detached garages. The project is a subsequent phase community of our successful Columbia Luxar targeting low to moderate income families, as well as market rate tenants. This $15 million development is located in southwest Dallas. The Reese Court project is an 80-unit town home rental community of one, two, and three bedrooms with detached garages is located located adjacent to Dallas Zoological Gardens and one block south of our successful Ewing Villas Town homes. Both projects were financed through a $14.80 million equity syndication proceeds from Wachovia Securities and a $7.20 million construction loan (with a permanent loan take-out) from Wachovia Bank utilizing a Freddie Mac program. Both projects were completed in August 2007.
Aside from the above-enumerated projects, Sphinx Development Corporation and its leadership has since 1997 acted as co-development partners and/or consultants in more than 2,000 housing units – all within the state of Texas. As development partners, SDC facilitated the financing, development and management of Columbia Luxar Townhomes in Dallas, Texas and Columbia Greens Apartments in Houston Texas. The former is a 126-unit, all three bedrooms affordable town home community that exemplifies affordable housing subdivision. The Greens product is a 232-unit mixed-income apartment community that has and will continue to marvel any observer or critic of affordable housing product. Both LIHTC projects are stabilized and are projected to maintain sustaining occupancies long term. Similarly SDC provided development consultation on Sycamore Point Townhomes in Fort Worth Texas and Hunters Glen Townhomes in San Antonio Texas. Both projects are mixed income communities completed in the summer of 2002 and have achieved stabilized occupancy.

REESE COURT
1201 Ewing Avenue
Dallas, Texas 75216
214-942-1206
Fax: 214-942-1895
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LUXAR VILLAS

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Alsbury Villas

Sphinx at Alsbury Villas This townhome style community is located at 755 NE Alsbury Boulevard in Burleson, Tarrant County, Texas. Currently under construction, this $18.5 million dollar community has 160 mixed income units and comprised of 32 one-bedrooms, 72 two-bedrooms, and 56 three-bedrooms. The total restricted income percentage of the development is 95%. This new development, scheduled to be completed in August 2008, will serve low to moderate income family households and is in lease-up.

ALSBURY VILLAS
755 NE Alsbury Blvd.
Burleson, Texas 76028
817-447-8704
Fax: 817-447-8705
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Fiji Senior

Sphinx at Fiji Seniors is an estimated $15 million project that is in the pre-development stage. The community will be located at 201 Fran Street, Dallas, Texas. This new construction will be a mid-rise, elevator accessible, elderly community comprised of approximately 130 units. The units include 65 one-bedrooms and 65 two-bedrooms. The project is a mixed income community targeting low to moderate income families, with a projected completion date is November 2009.
The Fiji Seniors is an initial phase of Sphinx at Fiji/Compton - a master planned development conveniently located in-between two DART transit stations, a few blocks south of the scenic views of the downtown Dallas skyline. The master planned community will comprise live/work space products, single and multi-family residential communities and commercial retail strips. Financing and community support are provided by a combination of an approved CDFBG loan from the City of Dallas, a transportation grant from the North Central Council of Governments, and conventional lender.