CIBOLO, Texas — California-based Highridge Costa Development Co. has opened El Sereno Senior Living, a $21 million community in Cibolo, a northeastern suburb of San Antonio.
The three-story property features 136 units, 119 of which are reserved for seniors earning between 30 to 60 percent of the area median income. The remaining 17 units are rented at market rates.
Dallas-based Casa Linda Development Corp. co-developed El Sereno, which Humphreys & Partners Architects designed. HCHP Contractors served as the general contractor. UAH Property Management of Dallas provides property management services.
To finance the development, El Sereno was awarded $1.5 million annually over a 10-year period in tax credits from the Texas Department of Housing and Community Affairs (TDHCA).
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 for the development and construction of the affordable housing.