RESIDENCES AT FAIRMOUNT DEVELOPMENT PRESENTATION Residences at Fairmount is a proposed mixed-income amenity-rich luxury apartment community with approximately 73 upscale one, two, and three-bedroom units with approximately 8% of the units being unrestricted market rate units. The development will also include 7 permanent supportive housing Units, while the remainder will be restricted income units (Housing Tax Credits). The site includes about 1.80 acres located at approx. 2260 Hemphill Street, Ft Worth, TX. Unit Mix: Approx. 19 one bedroom - 1 bath units @~700 square feet, rents from $719 to $1050 Approx. 42 two bedroom - 2 bath units @~900 square feet, rents from $787 to $1350 Approx. 12 three bedroom - 2 bath units @~1100 square feet, rents from $908 to $1700 INCOME LIMITS 2018 Area Median Income: $75,200 Number of Household Members AMFI % 1 2 3 4 5 6 30 $ 15,810 $ 18,060 $ 20,310 $ 15,750 $ 24,390 $ 26,190 40 $ 21,080 $ 24,080 $ 27,080 $ 30,080 $ 32,520 $ 34,920 50 $ 26,350 $ 30,100 $ 33,850 $ 37,600 $ 40,650 $ 43,650 60 $ 31,620 $ 36,120 $ 40,620 $ 45,120 $ 48,780 $ 52,380 Site Features: On-site management & maintenance Flex-room and library Fully-equipped fitness center Fenced with controlled gated access Community room with full kitchen Adequate parking
Unit Features: Energy saving features including: 9-foot ceilings o 14 SEER AC with programmable Designer kitchen with pantry thermostat o Energy Star rated lights and appliances Full-size washer/dryer connections o Energy Star rated windows with Walk-in closets screens o Energy Star Ceiling Fans in living & Water-conserving fixtures bedrooms o Passive solar features Covered patios/balconies On-site Services: Crime watch Income tax preparation Annual health fair Pot-lucks & game nights Nutritional courses Movie nights & birthday parties Furnished and staffed Arts, Crafts & other rec Children’ s Activity Center with activities after-school hours and during school vacations (BreakO ut™ ) Exercise classes Monthly trips to community events Book clubs
Economics: Overall project cost – Approx. Creation of ~4 permanent jobs $17,600,000 after construction Sources of Funds Permitting and fees to the City of Fort Worth o Debt from conventional lender Property taxes paid annually to o Equity from sale of housing City of Fort Worth and Fort Worth tax credits ISD Creation of ~100 jobs during construction Financing Sources: NuRock will use a combination of financing sources such as conventional debt, local HOME funds, and equity from the sale of housing tax credits. This purposed development will be a mixed income community that will accommodate and be marketed to residents of all income levels. NuRock’s HTC -assisted/market rate communities are designed to be real assets to their communities, incorporating high quality interior and exterior design, attractive landscaping, and amenities. NuRock’s HTC -assisted/market rate developments are an excellent source of workforce housing for the communities they are located in and are home to individuals and households who pay their rent and meet tenant screening criteria (including background checks); live on fixed incomes, such as retirees, injured veterans, and persons receiving assistance for disabilities; people who work hard to fill important jobs in our communities like teaching assistants, EMS and health care workers, and the many other types of workers that keep our vibrant economy strong and growing.
Site Location:
W . P O W E L L A V E . LEASING / CLUHOUSE 5,593 SF A1 ONE BEDROOM UNIT C1 B1 THREE 10'-0" TWO BEDROOM BEDROOM UNIT T UNIT E E R T 111 SPACES S 10'-0" L L I B1 H B1 P TWO TWO M BEDROOM BEDROOM UNIT UNIT E H C1 C1 THREE THREE BEDROOM BEDROOM UNIT UNIT A1 ONE BEDROOM UNIT B1 B1 TWO BEDROOM TWO UNIT BEDROOM UNIT A3 ONE BEDROOM B1 A3 UNIT TWO ONE BEDROOM BEDROOM UNIT UNIT STREET PARKING - 9 SPACES RESERVED FOR SCHOOL DROP OFF / PICKUP W . J E S S A M I N E S T . 1ST FLOOR PLAN CONCEPT PLAN FOR NUROCK COMPANIES Date 2-3-19 MULTI-FAMILY DEVELOPMENT F1 2260 HEMPHILL STREET FORT WORTH, TX 11709 ROE AVE. STE: D #181 Metzger Architecture, LLC LEAWOOD, KS 66211 (972) 607-4002
W . P O W E L L A V E . A3 B1 ONE TWO BEDROOM BEDROOM UNIT A3 UNIT ONE BEDROOM UNIT B1 B1 TWO BEDROOM TWO UNIT BEDROOM UNIT B1 TWO BEDROOM UNIT C1 B1 THREE BEDROOM TWO UNIT BEDROOM T UNIT E E B1 R B1 T TWO TWO S BEDROOM BEDROOM UNIT UNIT L L I B1 H B1 P TWO TWO M BEDROOM BEDROOM UNIT UNIT E H C1 C1 THREE THREE BEDROOM BEDROOM UNIT UNIT A1 ONE BEDROOM UNIT B1 B1 TWO BEDROOM TWO UNIT BEDROOM UNIT A3 ONE BEDROOM B1 A3 UNIT TWO ONE BEDROOM BEDROOM UNIT UNIT W . J E S S A M I N E S T . 2ND, 3RD & 4TH FLOOR PLAN CONCEPT PLAN FOR NUROCK COMPANIES Date 2-3-19 MULTI-FAMILY DEVELOPMENT F2 2260 HEMPHILL STREET FORT WORTH, TX 11709 ROE AVE. STE: D #181 Metzger Architecture, LLC LEAWOOD, KS 66211 (972) 607-4002
Timeline: The TDHCA application process for 9% Competitive Housing Tax Credits begins in January with a Pre-Application. The DFW Region usually provides enough money to fund approx. 10 tax credit developments. The full application for the tax credits is due no later than March 1, 2019. In the 9% Competitive process a Resolution of Support from the City Council will be required to obtain maximum points. In late July, the final 9% HTC awards are made. In Mid-August, the HTC commitments are issued, city entitlements should be finalized and the final financing process commences. Upon final closing of the development on or about the end of the year, construction will begin. The NuRock Companies -Fully Vertically Integrated Professional Company: Since its inception over twenty-five years ago , The NuRock Companies (“NuRock”) which include NuRock Development, NuRock Construction, NuRock Management, Inc. and NuRock Housing Foundation have been built on the expertise of its people to develop, operate and manage the highest quality housing and supplement that housing. Quite simply, NuRock’s product is service --- service delivered with a commitment to excellence. Our successes are based on attention to detail and a dedication to quality, both accomplished while anticipating and satisfying the demands of the marketplace and focusing on the needs of our residents. NuRock’s operations encompass all aspects of real estate activity, including acquisition analysis, development support, construction, property management, governmental regulatory compliance services, due diligence support work and longtime ownership. Additionally, NuRock provides our award-winning BreakO ut™ after school and summer program for resident’s children at no cost to the resident. NuRock is one of the largest developers, owners and managers of multifamily housing in the southwest. NuRock has the financial capability, banking, mortgage and equity relationships to complete any multifamily project from the acquisition and rehabilitation of an affordable property to construction of luxury lofts over retail. For Additional information please contact us at the following: The NuRock Companies 5906 Old Fredericksburg Road Suite 200 Austin, Tx 78749 Office Ph: (512) 861-4440 John Boyd, Senior Vice President Cell: (512) 426-4991 Email: jboyd@nurock.com Lisa Rucker, Vice President Cell: (512) 409-6170 Email: Lrucker@nurock.com
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