HOT SPRINGS, AR – A long-abandoned nursing home nestled next to Hot Springs National Park will be transformed into an independent living facility by spring 2017. Under development by McGrew Properties, the new rental property named Rose Villa Senior Living, will serve people ages 55 and older living on fixed incomes.

The project was awarded a $224,000 Affordable Housing Program (AHP) grant in 2016 from the Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution BancorpSouth Bank. The funds will be used for renovating the building into a 32-bed, non-helped-living facility.

“The clean-up started August 29, and a lot has to happen,” said Richard McGrew, the project developer. “We are essentially going to gut the building and start over.”

The building is within walking distance of Hot Springs’ historic Bathhouse Row, and it will feature a semi-enclosed courtyard and 25 units, each with a kitchen, living area, bathroom, and bedroom. Transportation services to local grocery and drug stores are also plotted for the community.

“A common bond for community development and revitalization was formed from my conversations with McGrew Properties. BancorpSouth Bank knew that Rose Villa was a project to champion because it will provide affordable housing for seniors. It is a fantastic example of collaborating to revitalize,” said Evelyn Edwards, vice president and CRA specialist at BancorpSouth Bank. “Rose Villa is an adaptive reuse of an existing building, which helps renew the surrounding neighborhood. Thank you, FHLB Dallas for the financial partnership and McGrew Properties for the vision to restore this needed facility for seniors.”

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as BancorpSouth Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost help for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

Mr. McGrew and his wife, Debbie, founded their residential development firm 15 years ago. In that time, they have built or renovated a dozen buildings for affordable housing, primarily serving low- to moderate-income families.

“This is our first Affordable Housing Program grant,” Mr. McGrew said. “Working with BancorpSouth Bank has been terrific. I learned about the grant while serving on an advisory council with a BancorpSouth representative.”

In 2016, FHLB Dallas awarded $7.8 million in AHP grants to 27 projects that will result in 1,499 new or renovated housing units. Arkansas received $273,000 this year for the construction or renovation of 39 units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $245 million in AHP and AHP-funded grants to help more than 45,500 families.

“BancorpSouth Bank has been a strong and committed partner in the community investment arena for 25 years,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We have undertaken more than 75 AHP grants together since 1991, and this is another fantastic example of their community values in action.”

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LAS VEGAS, NV – Inland Real Estate Acquisitions announced that it facilitated the acquisition of The Wyatt Apartments, a 308-unit multifamily property located in Las Vegas, Nevada, approximately six miles west of Las Vegas Boulevard. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located at 7017 South Buffalo Drive in Las Vegas, The Wyatt Apartments consist of 26 two-tale buildings containing 110 one-bedroom, 166 two-bedroom and 32 three-bedroom units. Built in 2015, each unit includes stainless steel appliances, nine-foot ceilings, ceiling fans, in-unit washer and dryer and a 50-inch flat screen smart TV. The property also features resort-style pools with cabanas, a 24-hour fitness center, a dog park, bike storage, an on-site cafe and a theater room.

“We are pleased to have closed on this high quality multifamily property that has strong demographics and is located in the growing southwest submarket along the I-215 corridor,” said Cosenza. “Not only are The Wyatt Apartments in close proximity to numerous retailers and restaurants, but the property is also a mile away from Dignity Health – St. Rose Dominican Hospital.”

As of the acquisition date, the property was 96 percent leased.

To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $43 billion of buys including retail centers, apartments and single-tenant properties.

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AUSTIN, TX – McCann Realty Partners announced it has started construction on the 303 unit Retreat at Wolf Ranch Apartments in Georgetown, Texas, a north Austin submarket. The 19-acre property is located just west of downtown Georgetown in the Wolf Ranch Master Plotted Community adjacent to the 670,000 square foot Wolf Ranch Town Center.

The luxury, Class A apartment project will include 2 tale townhouse and 3 tale walk-up buildings appointed with stone and stucco exteriors with views of the San Gabriel River and the Texas Hill Country.  Amenities will include a fitness center, resort-style swimming pool, and a stand-alone clubhouse with a media center, cyber café and gourmet kitchen. 

Residents at Retreat at Wolf Ranch will have simple access to job centers along Interstate 35 in central Texas and in Austin, which consistently ranks among the leaders in the US for job growth.  The project is scheduled to start leasing in the third quarter of 2017 and will be managed by Pegasus Residential, LLC.  McCann will act as general contractor on the project.

“We are excited to break ground on our second development project in the Austin area,” said McCann’s President, Matthew T. Akin.  “We were drawn to this location because it is adjacent to Wolf Ranch Town Center and part of the Wolf Ranch Master Plotted Community being developed by The Hillwood Company.  Georgetown is really a fantastic lifestyle choice for people looking to relocate.”  The most recent census estimates showed it is the fastest growing city in the nation with populations of 50,000 or more, with a growth rate of 7.8% for the 12- month period ending July 2015.  

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