Lincoln Avenue Communities Starts Work on 308-Unit Multifamily Project in San Antonio, TX

Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, has initiated the construction phase of the Leon Creek Flats, an ambitious 308-unit fully affordable multifamily community in San Antonio. 

The upcoming project in numbers: The Leon Creek Flats property is designed to cater for a diverse range of housing needs, offering one-, two-, and three-bedroom floor plans. Out of the 308 units, 265 are reserved for individuals with incomes up to 60 percent of the area median income (AMI), while 47 units are specifically designated for families at or below 30 percent of AMI. An especially noteworthy feature of this development is the provision of after-school education services, free of charge, which will serve as a valuable resource for the community. Completion of the project is anticipated in 2025.

Location, location, location: Situated at the intersection of Hold and Old Pearsall roads, the 10.6-acre site is conveniently located near interstates 410 and 35. It is approximately 11 miles away from downtown San Antonio and enjoys direct adjacency to Pearsall Park, making it a strategically situated development that offers residents access to essential amenities and transportation routes.

What made this project doable: This undertaking is made possible through the support of the city's 2022 Affordable Housing Bond program, which has allocated over $2.5 million in housing funding for the project. Additionally, the development is set to benefit from the 2023 Non-Competitive 4 percent Housing Tax Credits program, as per public records.

The city’s housing landscape: San Antonio stands out as one of the leading markets for multifamily affordability in the United States. As of March, the average rental rate for the Renter-by-Necessity segment in the city was $1,078. This underscores the strong demand for affordable housing in the area. Notably, data from Yardi Matrix as of mid-October reveals that there are currently 23,730 units under construction across 83 properties in the San Antonio metropolitan area. A significant portion of these units, nearly one-quarter, is dedicated to fully affordable developments, indicating a commitment to addressing the city's affordable housing needs.

This development’s importance: The groundbreaking of Leon Creek Flats represents a promising step forward in meeting San Antonio's growing demand for affordable housing. With its array of unit types and support from various affordable housing initiatives, this development is set to make a positive impact in the community.