Marcus Revitalizes Cedars Neighborhood with New Housing Development
Deal News | Jan 28, 2025 | CEI Ventures Inc
The AIC CEI-Boulos Opportunity Fund, in collaboration with Allivate Impact Capital, part of Woodforest Financial Group, and CEI-Boulos Capital Management, announced a substantial equity investment in the Marcus Affordable and Workforce Housing Project located in South Dallas' Cedars neighborhood. This initiative aims to provide 76 sustainable, affordable housing units in a predominantly Black area with a history of economic distress. The project, led by Savoy Equity Partners, is also environmentally sustainable and transit-oriented, offering significant benefits like connection to public transit and improved sidewalks. The City of Dallas is involved via a Public Facilities Corporation tax exemption agreement, ensuring that over half of the units will have rent and income restrictions for 60 years. This initiative is part of broader efforts to revitalize and foster equitable development in the region. Notable figures like Noelle St. Clair Lentz of Allivate and Barrett Linburg of Savoy Equity Partners emphasize the long-term community impact this project hopes to achieve, supporting the city’s strategic plans for sustainable and equitable neighborhood growth.
Sectors
- Real Estate Development
- Private Equity
- Sustainability
Geography
- United States – The described project and participants are located and operate within the United States, specifically focusing on Dallas, Texas.
- Dallas, Texas – The Marcus Affordable and Workforce Housing Project is specifically located in Dallas' Cedars neighborhood, targeting local residents with affordable housing needs.
Industry
- Real Estate Development – The article centers around the development of affordable and workforce housing through a real estate initiative located in South Dallas.
- Private Equity – The article discusses an investment by the AIC CEI-Boulos Opportunity Fund, a private equity entity participating in funding the housing project.
- Sustainability – The project emphasizes sustainable design and construction, including National Green Building Standard certification and transit-oriented development.
Financials
- Majority equity investment – The AIC CEI-Boulos Opportunity Fund made a significant equity investment in the Marcus housing project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CEI Ventures Inc. | PE Firm | Company | CEI Ventures is involved in equity investment through the AIC CEI-Boulos Opportunity Fund for the new housing project. |
| Allivate Impact Capital | Co-investor | Company | A subsidiary of Woodforest Financial Group involved in joint venture investment for the housing project. |
| CEI-Boulos Capital Management | Co-investor | Company | Partnered with Allivate Impact Capital in funding through the Opportunity Fund for the project. |
| Savoy Equity Partners | Developer | Company | The real estate developer overseeing the construction and execution of the Marcus housing project. |
| City of Dallas | Government | Government | Participates in the project through a tax exemption agreement to facilitate affordable housing. |
| Noelle St. Clair Lentz | CEO and Managing Director | Person | Leads Allivate Impact Capital, highlighting the community impact of the housing project. |
| Barrett Linburg | Partner and co-founder | Person | Co-founder of Savoy Equity Partners, discusses the strategic impact and future goals of the development. |
| Sam Spencer | CEO and Managing Director | Person | Heads CEI-Boulos Capital Management, emphasizes the fund's commitment to revitalizing underserved neighborhoods. |