Lake Cliff Affordable Housing Project Secures Investment from AIC CEI-Boulos Fund
Deal News | Nov 20, 2024 | CEI Ventures Inc
The AIC CEI-Boulos Opportunity Fund, a collaboration between Allivate Impact Capital and CEI-Boulos Capital Management, has committed equity to a housing initiative in the Lake Cliff neighborhood in Southwest Dallas. The project targets to construct and renovate 263 units of affordable housing. Spanning three properties, this initiative addresses a high housing need area identified by the U.S. Treasury's Community Development Financial Institutions Fund. Savoy Equity Partners, a Dallas-based developer, leads the project which is set to incorporate sustainable building practices and contribute to neighborhood revitalization. The housing will cater to residents earning 60% to 100% of the Area Median Income, with long-term affordability assured through formal rent restrictions. The developments are also expected to boost the local economy through job creation and improved community infrastructure.
Sectors
- Real Estate Development
- Impact Investing
- Community Development
Geography
- United States – The overall geographic focus of the companies and the housing project is situated within the United States.
- Texas – The project's location in Southwest Dallas, Texas, makes this state a primary geographical focus.
- Dallas – The Lake Cliff neighborhood in Dallas is the specific location of the housing project, making it a central geographic focus.
Industry
- Real Estate Development – The article discusses the development of affordable and workforce housing, a key aspect of the real estate development industry.
- Impact Investing – Allivate Impact Capital and CEI-Boulos Capital Management focus on investments that generate social impact alongside financial returns.
- Community Development – The project aims to revitalize the Lake Cliff neighborhood, which involves improving living standards and infrastructure, aligning with community development.
Financials
- 263 Units – The total number of affordable and workforce housing units involved in the project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AIC CEI-Boulos Opportunity Fund | Bidding Company/Investor | Company | A joint venture between Allivate Impact Capital and CEI-Boulos Capital Management, investing in the housing project. |
| Allivate Impact Capital | Partner/Investor | Company | A subsidiary of Woodforest Financial Group focused on impact investing, partnering in the development project. |
| CEI-Boulos Capital Management | Partner/Investor | Company | A real estate investment management company co-managing the AIC CEI-Boulos Opportunity Fund. |
| Savoy Equity Partners | Developer | Company | A Dallas-based real estate development company leading the construction and renovation of affordable housing units. |