Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, has broken ground on Leon Creek Flats, a 308-unit fully affordable multifamily community in San Antonio. The project is supported by the city’s 2022 Affordable Housing Bond, including more than $2.5 million in housing funding. It also benefits from the 2023 Non-Competitive 4 percent Housing Tax Credits program, public records show.
The property will comprise one-, two- and three-bedroom floorplans, with 265 units reserved for individuals making up to 60 percent of the area median income, and 47 will serve families at or below 30 percent of AMI. On-site services will include after-school education free of charge. Completion is anticipated for 2025.
Located at the intersection of Hold and Old Pearsall roads, the 10.6-acre site is close to interstates 410 and 35. It is roughly 11 miles from downtown San Antonio. It is also directly adjacent to Pearsall Park.
San Antonio ranks as one of the top markets for multifamily affordability in the U.S., with the average rate in the Renter-by-Necessity segment clocking in at $1,078 as of March. As of mid-October, there are 23,730 units under construction across 83 properties in the metro, Yardi Matrix data shows, roughly one-quarter of which are in fully affordable developments.
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