THE PARK AT SUTTON OAKS

THE PARK AT SUTTON OAKS



Historical background Sutton Oaks is on the site of the former Sutton Homes, which was built in two phases: 1952 (196 units) and 1959 (46 units) for public housing families. After 57 years of providing shelter for families, the 242 apartments’ residents were relocated and all the buildings were demolished between September and December 2009.

Sutton Oaks, Phase I with 194 mixed income units was completed in 2010 with an estimated cost of $24.3 million from sources including the Department of Housing and Urban Development (HUD), the City of San Antonio, TDHCA, SAHA and conventional lending.  


THE PARK AT SUTTON OAKS

The second phase of development features 208 mixed-income units, built to Build San Antonio Green (BSAG) Level II. Construction began on October 1, 2012. The leasing office/club house includes a community room, theater, child center, fitness center and laundry room. Site amenities include a swimming pool, splash pad, playground and dog park

 


DEVELOPMENT TEAM
Developer – Franklin Development
Co-Developer – San Antonio Housing Authority
General Contractor – Franklin Construction
Management – Franklin Management

FUNDING
Total Development Costs - $29.4 Million
TDHCA 9% tax credits 
Equity $18,903,Bank of America
$4,625,000  Bank of America
HUD  RHFF      $ 2,709,000
City HOME       $ 2,500,000
SAHA Land Loan $953,000 


 

Public Housing
Units*
50% AMI
Tax Credit

60% AMI
Tax Credit

Market Rate

Bedrooms

Units

Rent

Units

Rent

Units

Rent

Units

Rent

One

5

$300

2

$479

30

$587

11

$650

Two

35

$300

 15

$563

32

$694

18

$750

Three

7

$300

7

$618

24

$769

14

$850

Four

2

$300

1

$684

2

$852

3

$950


 
Public Housing Units: 49      HOME & LIHTC Units 113     Market Rate Units: 46

*Rent paid by public housing residents is no greater than 30% of their qualified income.  AMI = area median income 
LEASING INFORMATION: call (210) 224-9255 or e-mail:This e-mail address is being protected from spambots. You need JavaScript enabled to view it..