magnolia crossing

Leasing Office

4114 A Phoenix Point, Alexandria, Louisiana 71302
318-561-2089

Formerly Carver Village

DETAILS:

Number of Units: 49
Total Development Cost: $6,478,071
Development Type: 9% LIHTC
Development Partner: Alexandria Housing Authority
Project Type: Family
Construction Jobs: 99
Permanent Jobs: 4

SOURCES:

1st Mortgage:$500,000
Equity: $4,717,463
Developer Fee: $35,608

Total Sources: $6,478,071

PROJECT NARRATIVE:

Magnolia Crossing RAD, LP is a 49-unit acquisition/rehabilitation project located at 3215 Tea Street in Alexandria, LA, The site is in a residential area and surrounded by single family homes. This project is a Rental Assistance Demonstration program redevelopment effort that works to transform former public housing into affordable housing developments that serve a broader spectrum of the affordable housing population. The site features one story duplexes nestled in a wooded area. The development also includes enhanced resident opportunities for self- sufficiency. The educational programs are geared to help renters become homeowners.

Amenities & Upgrades:

  • New windows/doors, flooring & lighting
  • Updated HVAC
  • Interior/exterior Paint
  • Energy efficient appliances
  • Updated kitchens/bathrooms
  • Upgraded landscaping & signages

PROJECT PARTNERS

Developer:
BGC Advantage

PHA :
Alexandria Housing Authority

Architect:
DNA Workshop

Contractor:
B.A.S.

Financial Partners:
CREA
Sterling Bank

UNIT COUNTS & RENTAL RATES (49 Total)

Magnolia Crossing - 49 Units

1 Bedroom  |  Units: 12
Contract Rent: $481

2 Bedroom  |  Units: 20
Contract Rent: $603

3 Bedroom  |  Units: 13
Contract Rent: $808

4 Bedroom. |  Units: 4
Contract Rent: $943