Work has started on a $19.3 million renovation of Skyway Villas, a 232-unit affordable apartment complex at 2000 Skyline Drive, according to a report Tuesday in REBusinessOnline.
The owner is April Housing, the affordable housing division of Blackstone Real Estate, which is carrying out the project with the McKinney Housing Finance Corp. The renovation is part of a re-syndication that preserves the property's affordable status for another 30 years, the trade publication reported.
Planned upgrades include new flooring and countertops, exterior paint, new water heaters and HVAC systems, accessibility improvements, and additions to the resident amenities. Benton Design Group is the architect and ICON Builders is the general contractor.
Who the apartments serve
A presentation April Housing gave the City Council in July described Skyway Villas as a family property, with 220 units set aside for households earning up to 60% of the area median income and 12 units for those earning up to 30%.
The same document listed 12 residential buildings plus a leasing office and clubhouse, and said the renovation scope covers extensive unit rehabs, accessibility upgrades, site work and amenity upgrades, including the playground, the pool and a new sports court and dog park. Allied Orion Group is named as property manager.
REBusinessOnline gives 2003 as the year the 13-building community was built; the company's July presentation lists 2002.
How the deal was put together
The financing ran through city hall over several months. In April, the council passed a resolution supporting the housing finance corporation's plan to partner with Skyway Villas (TX) Owner LP on buying and rehabilitating the complex.
