FORT WORTH, TX – Local real estate developers, community partners and residents celebrated the grand opening of Cowan Place Senior Living. It was built with the help of a $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas through one of its members, Texas Capital Bank in the Stop Six neighborhood of Fort Worth, Texas.
The development is part of a transformation plot designed to improve the Stop Six neighborhood in Fort Worth with affordable housing and neighborhood amenities. The plot includes replacement of the former Cavile Place public housing community with new, mixed-income rental residences in six phases of development. It includes a neighborhood hub for recreation, educational, health and safety services, commercial districts and space for healthcare and educational, economic and other support services.
In addition to affordable housing for seniors, Cowan Place amenities include rooms for a library and theater, fitness studio, salon, billiards, crafts and other spaces for private meetings with health care professionals.
The AHP funds were vital in closing funding gaps to make sure that we could end construction on this project, said Mary-Margaret Lemons, Fort Worth Housing Solutions president. We could not have finished this project without the money provided by the Federal Home Loan Bank of Dallas and Texas Capital as a partner. It was critical for us to get over the end line and end this during COVID, and so it was really a game changer for us to be able to have full funding of this project to get started.
FHLB Dallas awards AHP subsidies through its member financial institutions to benefit very low- to moderate-income households across its five-state District.
These are the type of projects that we get involved in because of the impact that they have on communities such as this; we want to help in making life better for the individuals, businesses and communities in Fort Worth, said Worley Barker, director of Community Development Lending and Investments for Texas Capital.
Affordable Housing Program (AHP) funds are intended to help FHLB Dallas members in financing the buy, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
It can be hard to develop affordable housing, and the AHP is a funding source that can help fill the gap to make a deal like this work, said Melanie Dill, community development and AHP rental manager at FHLB Dallas. Not only does the AHP help to fill a funding gap, but it can also help our members make new business opportunities, support their communities and meet CRA objectives.

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TEMPE, AZ – MG Properties, a leading real estate investment and management firm, announced its $100.25 million acquisition of NOVO Broadway Apartments (formerly known as Parc Broadway), a residential community located in Tempe, Arizona recently completed by Evergreen Devco, Inc..
Key features of NOVO Broadway Apartments include its prime location in Tempe, offering residents simple access to growing employment centers anchored by large technology, manufacturing, and health care companies. The property’s luxurious amenities, contemporary architecture, and commitment to fostering a sense of community distinguish it as a sought-after residential destination.
“NOVO Broadway Apartments is a high-quality community that is well positioned to benefit from regional employment growth, making it an ideal fit for our long term investment strategy,” said Jeff Gleiberman, President of MG Properties.
The sellers, Evergreen Devco Inc., were represented by Steve Gebing and Cliff David of IPA. Financing for the transaction was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of IPA.

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CONROE, TX – Encore on the Rise bought Encore Rise, for $47.1 million in Conroe, Texas. Located just north of Houston, the contemporary, suburban residential community was bought by Encore on the Rise on November 15, 2023, with the total Real Property value of $47,100,000. Encore Rise is located at 800 N FM 3083 Rd. W. in Conroe, Texas.
The modern living of Encore Rise incorporates rich amenities into every 1, 2, and 3 bedroom apartment floorplan, including sleek, state of the art kitchens with granite countertops, stainless steel appliances, luxurious bathrooms with soaker tubs and even private patios/balconies.
Within the controlled access property, Encore Rise offers multiple active community gathering spaces with health and recreational amenities such as a fitness center, pool with a sun shelf water feature and a hammock lounge area to kick back and relax. The outdoor entertainment space comes complete with TV, BBQ, bar and gathering space. For pet lovers, Encore Rise offers a dog park and dog wash space.
“Encore Rise raises the bar in contemporary living,” said Joe Hooker, Acquisitions Manager, Encore on the Rise, LLC. “The quick-growing suburban area of Conroe gives residents all the amenities they could want at home with simple access to Houston.”

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