Recently, Plum Creek Development Partners and DMA Development Company announced the closing on a site for a future Senior Living Apartment Complex in Kyle’s Plum Creek Development.
The Overlook at Plum Creek is a 94-unit, multifamily community for adults 55+ that will include a three-story building overlooking the golf course, surrounded by single-story cottage units, many of which will include attached carports. The independent living community will offer services that encourage health and wellness, facilitate social interaction and foster creativity. The Overlook will include a large community room with “party” kitchen, movie theater, library, fitness center, business center and art studio, in addition to an outdoor pool.
The building will include 70 one-bedroom, one-bath apartments and 24 two-bedroom, two-bath apartments located on a five-acre Plum Creek site near the intersection of Cromwell and Sampson. Financing is being provided under the Housing Tax Credit Program and of the 94 units, 80 will have rents that are structured to be affordable to persons with incomes at or below 60% of the Area Median Income for Hays County (currently $37,500 for a couple and $32,800 for a single individual). Fourteen units will be market-rate units.
The Overlook at Plum Creek will be developed by DMA Development Company and owned by Kyle DMA Housing, LLC. Property management will be provided by DMA Properties. Brett Arabie and Andrew Childers of Oxford Commercial represented Plum Creek Development Partners in the transaction.
This will be DMA’s tenth senior community in Texas. DMA is currently completing construction on a 201-unit age 55+ rental community at the Mueller redevelopment area in Austin, where they were selected by Catellus to produce the first senior apartments at Mueller.
“We are very excited to bring our popular 55+ housing concept to Plum Creek,” said Diana McIver, President, DMA Development Company. This location meets all of our criteria: it is in a quality neighborhood with strong commercial, retail and medical nearby. And it is in an area that has a strong need for service-enriched housing, allowing us to serve seniors who may no longer want the upkeep of a home, but do not need assisted living or nursing services.
Within the past three years, Kyle has experienced growth in medical services including the opening of Austin Regional Clinic, a pediatric and family medicine clinic; Legend Oaks Kyle, a nursing and rehabilitation center; and Seton Medical Center Hays, which includes a hospital, outpatient surgery and a medical office building.
DMA expects to commence construction in early March, with construction completion and occupancy targeted for early spring 2013 at the Plum Creek site.
Plum Creek is in its second phase of development, which includes mixed-use, retail, residential and commercial projects. Recently completed projects in the area include Legend Oaks Healthcare, a TrustTexas Bank branch and a 264-unit multifamily project by Vantage Communities. The addition of Overlook at Plum Creek is part of Plum Creek Development Partners’ plans to continue to support a variety of ages, incomes and uses.
Existing development covers roughly 500 acres. Sites available for development encompass over 1,500 acres of commercial, residential and mixed-use land.
About Plum Creek
Established in 1997, Plum Creek is an award-winning 2200-acre mixed-use, master-planned community located twenty minutes south of downtown Austin in Kyle, Texas. Incorporating the principles of New Urbanism, Plum Creek is designed for the people who live, work and play there. Commercial and residential amenities include shared parks, walking and biking trails, pedestrian underpasses and a golf course.
Situated along the IH 35 corridor, Kyle is in close proximity to Austin, San Marcos and Wimberley. Plum Creek’s commercial sections, which include the Uptown District, surround a proposed Austin-San Antonio commuter rail stop.
Austin Business Journal named Plum Creek the “Master-planned Community of the Year” in 2005 and Envision Central Texas named Plum Creek the “New Development of the Year” in 2006. More information about Plum Creek is available at www.plumcreektx.com.
About DMA Development Company
DMA Development Company, LLC, is based in Austin and has been developing affordable and mixed-income communities in Texas for twelve years. DMA Development Company has successfully developed nineteen affordable housing developments under the tax credit program, including seven senior communities, located in Llano, Seguin, Texas City (Phases I and II), Corsicana, Abilene, and Santa Fe. Additionally, DMA has four senior communities in various stages of construction including Wildflower Terrace in Austin which will complete construction in early 2012, a rehabilitation development in Washington, D.C., The Terrace at MidTowne in Midlothian which will start construction in March 2012, and the Overlook at Plum Creek.
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