SCHERTZ – The NRP Group and the Schertz Housing Authority have partnered to build the Aviator 1518 Apartments, a $79.2 million, 300-unit affordable housing complex at FM Rd. 1518.
Every unit will be offered below the area median income (AMI). Sixty units will be offered at 70 percent AMI, 200 units at 60 percent, 15 units at 50 percent, and 25 units at 30 percent.
A large chunk of the project is being financed with about $34 million in debt from R4 Capital that carries a 5.7 percent interest rate.
The apartments will bring in $2.5 million and debt service of about $2.1 million. Net operating income is expected to reach $3 million by year 15. The project will also receive about $35 million from the state, paid out yearly in almost $3.7 million installments.
Construction is expected to be complete in 20 months.