Cypress pointe 

Key Dates

Closing date: 10/31/2019
Construction completion date: 6/24/2021

NAHRO Award of Merit

Formerly Redmond Heights

New Construction

Formerly Oakhill Homes

DETAILS:

Number of Units: 112
Total Development Cost: $19,299,645
Development Type: 4% LIHTC/Bonds/CDBG Funds
Development Partner: Bogalusa Housing Authority
Project Type: Family
Construction Period Jobs: 298
Long-term Jobs Created/Maintained: 8

SOURCES:

1st Mortgage: $5,000,000
Equity: $6,090,395
Developer Fee: $495,372

Total Sources: $19,299,645*

*Sources, as of closing

PROJECT NARRATIVE:

Cypress Pointe RAD, LP is a 112-unit new construction infill and acquisition/rehabilitation project located in Washington Parish at 700
Redmond Street, 1115 North Royal Street and Ontario Avenue near the intersection of Rio Grande Street, Bogalusa, LA. 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 development included major renovation of the building systems, windows, roof replacement, updated HVAC, new flooring, exterior and interior
painting, new doors, lighting, new appliances, landscaping and signage for marketability, updated 504 compliance, and fully renovated bathrooms and kitchens. The development also includes enhanced resident opportunities for self-sufficiency. The educational programs are geared to help renters become homeowners.

Amenities & Upgrades may include:

  • Energy upgrade to HVAC
  • Water conservation methods
  • Bathroom renovations
  • Doors, windows, new lighting throughout
  • Kitchen rehabilitation
  • All new appliances
  • Updated flooring
  • New clubhouse
  • SMART Home Features

PROJECT PARTNERS

Developer
Knight Development

PHA
Bogalusa Housing Authority

Architect
DNA Workshop

Equity
Red Stone Equity Partners

Debt
Bellwether Enterprise

Bond Placement
Stifel

General Contractor
B.A.S. Construction

Management Company
Standard Enterprises

UNIT COUNTS (112 Total) & RENTAL RATES*

Coburn Creek - 46 Units

2 Bedroom  |  Units: 24
Contract Rent: $626

3 Bedroom  |  Units: 16
Contract Rent: $821

4 Bedroom  |  Units: 6
Contract Rent: $1013

Edgewood - 20 Units

3 Bedroom  |  Units: 14
Contract Rent: $821

4 Bedroom  |  Units: 6
Contract Rent: $1013

Myrtle Grove - 46 Units

1 Bedroom  |  Units: 6
Contract Rent: $471

2 Bedroom  |  Units: 15
Contract Rent: $720

3 Bedroom  |  Units: 17
Contract Rent: $958.50

4 Bedroom  |  Units: 8
Contract Rent: $1125.90

*Rents, as of closing