Photo courtesy of The Briscoe Apartments
A luxury apartment complex on Coit Road is officially turning into an affordable housing complex now that the City of Dallas has acquired it.
Madera Residential closed the sale of The Briscoe Apartments, located at 12639 Coit Road near LBJ Freeway and North Central Expressway, on Dec. 1. An affiliate of the Dallas Housing Finance Corp. bought the 322 unit complex, according to Dallas Morning News.
Teachers, police officers and nurses are the ideal demographic for the apartments due to how close they are to their workplaces, which would save them about $250 monthly, or $3,000 per year, of the average rent for one of the units.
Current residents can stay where they are at the apartment and those who qualify could see a 30% decrease on their rent, according to Kyle Hines, assistant director of the Department of Housing and Neighborhood Revitalization.
Half of the 322 units will be reserved for renters making less than 80% of the neighborhood’s median income, which could range from $54,550 for a single-person household and $62,350 for a two-person household.
