Groundbreaking Event Celebrated Commitment to Quality Affordable Housing in San Antonio
SAN ANTONIO, TX – Opportunity Home San Antonio in partnership with an affiliate of Atlantic Pacific Companies (A|P), OCI Development,and PNC Bank were joined by San Antonio leaders today to celebrate the construction of Vista at Reed, a new affordable housing community in far westside of San Antonio.
“Vista at Reed is a great example of vision and collaboration between our city, housing developers, lenders, and nonprofit partners,” said City of San Antonio Mayor Ron Nirenberg. “Expanding access to quality affordable housing to our growing community is one of San Antonio’s top priorities.”
Vista at Reed has 56 two-bedroom and three-bedroom apartment homes complemented by business and fitness centers as well as laundry facilities. The property will host on‐site arts and recreational activities such as book clubs and creative writing classes twice per month, tax preparation classes, health and wellness programming and an annual safety fair provided by local first responders.
Rental prices will range from $398 to $1,380 for two- and three-bedroom units, and 55 units are set aside for residents with qualified income up to 60% of the Area Median Income (AMI). A utility allowance will also be provided to residents to help offset their utility expenses.
Six of the units are deeply affordable for individuals or families who earn at or less than 30% AMI, which is an annual income at or less than $23,910 for a household of three. An additional 13 units are reserved for households earning 50% AMI, which is an annual income of less than $39,850 for a household of three.
“Vista at Reed is a perfect example of how fast District 6 is growing, it’s one of the fastest growing areas of our city,” said City of San Antonio District 6 Councilwoman Melissa Cabello Havrda. “With more people choosing to live in far west San Antonio, there’s a need for more housing options and families will have the opportunity to thrive in District 6.”
Located near public transportation and employment areas, the new residential community is in a high opportunity area, which is defined by the Texas Department of Housing and Community Affairs (TDHCA) as an area that provides greater opportunities for residents including high-performing schools, low poverty rate, higher median household income, and great close proximity to services.
“Giving individuals and families a place that not only serves as a home, but also where they can receive resources that help them thrive in their communities is the most fundamental part of our mission at Opportunity Home,” said Brandee Perez, Chief Real Estate and Development Officer, Opportunity Home. “The resources offered at Vista at Reed will help to ensure residents there meet and exceed their goals and potential, positively impacting the San Antonio community as a whole.”
The project is designed with residents in mind, including children and multi-generational households. All living spaces will have at least one ADA-accessible pedestrian route to the unit, and at least 5% of units will be set aside for the mobility impaired with additional units designed specifically for the hearing and/or visually impaired. Residents and their guests will enjoy outdoor play areas, green spaces, recreational areas, and safety features.
“As lifelong San Antonians, we have seen the growing need for high-quality, affordable housing options in every part of town. Through our partnership with Atlantic Pacific Companies, we’re able to expand critical housing opportunities with new developments like Vista at Reed and invest in building communities that will positively impact San Antonio for years to come,” said Olivia Travieso, Partner and Co-founder of OCI Development.
The building design will prioritize energy efficiency, sustainable water reduction features, resilient building and weatherization practices, residential storm water control features, and other innovative and bold strategies to reduce the environmental impacts of development and lower energy costs for residents.
“PNC has been a leader in developing and rehabilitating affordable housing for years, and we are proud to have invested nearly $18 million in Low Income Housing Tax Credit equity to the Vista at Reed project,” said Chris Sherman, PNC Regional President for San Antonio. “As housing affordability continues to be a challenge for Americans across the U.S., we remain committed to leveraging our national resources to increase and preserve the supply of affordable rental housing in San Antonio and beyond.”
The new community will also integrate high-speed, dependable, and affordable internet and mobile infrastructure into the design plan.
“We are committed to developing beautiful communities that enhance neighborhoods and improve lives. Vista at Reed is another testament of our commitment to provide a better quality of life to the residents we serve, and we couldn’t be more proud to work with OCI Development, Opportunity Home San Antonio, and the City of San Antonio to bring this high-quality, affordable housing community to families in need,” said Dan Wilson, A|P Executive Vice President.
The development is projected to be completed in Spring 2025, and will begin pre-leasing prior to completion.
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About Opportunity Home San Antonio
Established in 1937, Opportunity Home San Antonio, formerly known as the San Antonio Housing Authority, provides housing assistance to more than 67,500 children, adults and seniors through its Public Housing, Housing Choice Voucher and Mixed-Income housing programs. With approximately 600 employees, Opportunity Home encompasses over 100 affordable housing properties across San Antonio.
About OCI Development
OCI Development is a real estate company that is founded on the premise that development for social good not only improves lives, but it also enhances entire communities. We are proud to be a majority Latina-owned company that is based in San Antonio, Texas, and that works with Atlantic Pacific Companies to provide high quality affordable housing throughout Texas. For more information, visit www.oci-development.com.
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About Atlantic Pacific Companies
Atlantic Pacific Companies (A|P) is a fourth-generation, family-owned real estate company with expertise in acquisitions, development, construction, and management of multifamily communities throughout the United States. A|P has over $5.7 billion of assets under management, 21,000 units under management, and employs 600 skilled professionals in Florida, Texas, California, Georgia, North Carolina, Maryland, and Washington D.C. For more information about A|P and its array of real estate services including property management, investment management, development, and construction, visit www.apcompanies.com.
MEDIA CONTACTS:
Jessica Wade Pfeffer | [email protected] | 305.804.8424
Margie Sernik | [email protected] | 786.200.2516