A developer known for its flashy builds and renovations is trying to buy a rare, downtown affordable housing option.
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SA Live deals this week: Jewelry, coffee & more – A developer known for its flashy builds and renovations is trying to buy a rare, downtown affordable housing option. Residents of the Robert E. Lee apartments aren’t sure what it will mean for them if Weston Urban ends up with the 72-unit, income-restricted building. But, even with a $4.35 million dollar deal already signed, the developer could still be cut out of a sale. The Texas Department of Housing and Community Affairs posted the Travis Street property on its website Friday, starting the clock on a 90-day window for another buyer to elbow their way in. Because of state-administered Low-Income Housing Tax Credits awarded in 1997, a sale of the building has to first be opened up for a right of first refusal period. If a tenant organization or non-profit were to make a fair market offer - at least $4.35 million - the seller, RELEE Partners, would have to accept it or back out of any plan to sell. If no offer materializes by May 15 or an acceptable offer falls through on the buyer’s side, then the sale to Weston Urban can proceed. RELEE Partners, which is connected to Connecticut-based JHM Financial Group, signed a deal in July with Weston Urban to sell the property for $2.65 million in cash and Weston Urban assuming a $1.7 million loan attached to the building. The contract also calls for Weston Urban to keep JHM Financial Group on as a “consultant” for two years, to the tune of $600,000.KSAT reached out to Megan Navarro, whom other media reports have identified as the head of the building’s tenant union, to discuss news of the sale. However, Navarro said she was unable to publicly comment because of a non-disclosure agreement.The building was completed in 1923, according to a property condition assessment, then gutted and renovated in 1995. Though the report states the building “has been well maintained,” it also estimates a renovation would cost $4.4 million. Weston Urban has been silent on its plans for the property. Still, it is located next to other jewels in the developer’s portfolio, like the high-end apartments at 300 Main, Legacy Park, and the glass-covered Frost Tower. The building is also a little more than two blocks south of the proposed Missions baseball stadium, which will be funded in large part by Weston Urban developing the surrounding area., that includes demolishing another Weston Urban property, the 381-unit Soap Factory Apartments, which are priced low for the downtown market. Weston Urban CEO Randy Smith did not respond to KSAT’s emails or a voicemail seeking an interview on his firm’s plans.“That’s what I’ve heard,“ said Frank Raines. ”I mean, we’re uprooted, and our lives are turned upside down.The building only leases to people who make 60% or less of the area median income — $37,200 for one person or $53,100 for a family of four.Betty Wilkins has lived at the apartments for 16 years. She receives social security but says it’s not much.“I shouldn’t have too much of a problem, but I would probably have to move out of downtown to somewhere else,” he said. TDHCA Spokesperson Kristina Tirloni said whoever ends up buying the building will still need to maintain the affordable rents through December 2026.Get ready for some fabulous Insider Deals that will help you have a cozy night's sleep and elevate your style and beauty game.SA Live deals this week: Jewelry, coffee & more
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