SAN ANTONIO – Roers Companies, a Minnesota multifamily housing developer with several projects in Texas, is breaking ground on an apartment complex in Boerne at the intersection of Interstate 10 and Frederick Creek.
The developer revealed plans for the Bluff View at Frederick Creek in a September interview with the Business Journal. The 192 units planned for the development will be restricted to residents making 60% of the area median income. Estimated rents will be between $1,200 - $1,600 based on current figures, but that amount will likely change.
“Rent rates will be set to align with 2024 AMI once we’re ready to open our doors at Bluff View at Frederick Creek,” Heather Ouellette, senior brand and communications manager for Roers, told the Business Journal.
Construction, which the developer performs in-house, is slated to kick off in the first quarter of 2023, with a projected 18-month turnaround time.
Roers estimates $62.5 million for the cost of the development, which will be financed with tax-exempt bonds and 4% low-income housing tax credits, which are federal subsidies for affordable housing projects.
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.