SAN ANTONIO — The San Antonio Real Estate Depend on Structure has actually announced it has authorized a purchase and sale contract with the existing proprietor of Robert E. Lee Apartments.
In a press release, the foundation said the agreement marks a significant action toward maintaining economical housing in downtown San Antonio.
The not-for-profit company outbid Weston Urban, which had actually additionally revealed interest in the apartment complex.
“I’m thrilled the San Antonio Housing Depend on has the historical Robert E. Lee developing under contract to make sure the residential or commercial property remains cost effective for homeowners in Area 1,” Area 1 Councilwoman Sukh Kaur claimed, partially. “Over the previous year and a half, my team and I have actually worked closely with citizens with severe challenges, so we know just how much this purchase means.”
The San Antonio Real estate Count on said it wants to take possession of the Travis Street residential property in July and will start plans for remodellings to “guarantee the long-term stability” of the 72 -system building.
The Robert E. Lee structure was finished in 1923, according to a building condition analysis, then gutted and remodelled in 1995
The not-for-profit plans to proceed the residential or commercial property’s enduring goal of giving cost effective real estate for low-income senior citizens and people with handicaps, according to the release. It will certainly work carefully with the current possession team to make certain a smooth shift and thoughtful rehabilitation.
“This contract ensures that a person of midtown’s most inexpensive multifamily neighborhoods will certainly continue to be accessible to individuals who need it most,” said Pete Alanis, executive director of the San Antonio Housing Count On Structure, partially. “We are devoted to maintaining the stability and dignity of all current residents.”
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