DALLAS, Tex., July 30, 2024 – Hunt Capital Partners, in collaboration with co-developers Bonner Carrington and Sycamore Strategies, announced the closing of Cypress Creek Apartment Homes at Montfort Drive (Cypress Creek). This 168-unit affordable mixed-income housing community will introduce new quality housing options for families in Dallas. The community is comprised of a single four-story residential building complete with an attached four-story parking garage. Cypress Creek is located at 14119 Montfort Drive in Dallas. Construction has commenced and the community will be opening in Q2 of 2026. 

Cypress Creek will address the diverse housing needs in the area by offering 92 one-, 64 two-, and 12 three-bedroom apartment homes for residents of all ages and all income levels. Out of the 168 units, 116 will be reserved for residents earning up to 30%, 60%, 70%, and 80% of the Area Median Income (AMI), while the remaining will be offered at market rate. Nine of the units will be designed for and marketed to those with mental and/or physical disabilities and four will be marketed to individuals experiencing homelessness. Additionally, Cypress Creek received targeted funding from the United States Department of Housing and Urban Development (HUD) through the Community Development Block Grant – Disaster Relief program, which ensures that housing is available to low- and extremely low-income renter households in Dallas.

Notably, 41 of the homes at the 30% AMI level will utilize vouchers from the Walker Settlement Voucher (WSV) program, which the Dallas Housing Authority administers. The WSV program offers housing opportunities to African American households to reside in high opportunity areas. This initiative addresses the pressing housing demand, evident from a waitlist of over 15,000 eligible households.

“Building diverse communities through quality housing solutions is not just about providing shelter; it’s about creating opportunities for connection and growth. Cypress Creek Apartment Homes will welcome residents of various income levels and offer an inclusive community where they can prosper in a high opportunity area,” said Hunt Capital Partners Senior Director Acquisitions Omar Chaudhry. “Together with Bonner Carrington and Sycamore Strategies, we’re investing in a stronger Dallas.”

Cypress Creek will feature a range of modern amenities, including balcony and patio spaces, ceiling fans in every bedroom, spacious walk-in closets, water-efficient plumbing fixtures, and central air conditioning. Each apartment home will also include washer/dryer connections and a fully equipped kitchen with Energy Star appliances such as a refrigerator, dishwasher, range/oven, garbage disposal, and microwave.

“We are thrilled to see Cypress Creek Apartment Homes come to life as a unique, mixed-income community,” said Bonner Carrington President Casey Bump. “This development represents our commitment to providing quality, affordable housing options that cater to the diverse needs of North Dallas residents. We look forward to fostering a thriving community here for many years to come.”

Residents will enjoy a variety of shared amenities designed to enhance community living. These features include a tech-forward business center, clubhouse with community kitchen, courtyard, picnic area, fitness center, swimming pool, and versatile recreational areas.

Furthering shared success for all residents, the Cypress Creek community will also enjoy complimentary community services provided by Apartment Life. These benefits will include weekly exercise classes, monthly food banks, tax preparation assistance, annual health fairs, and community-oriented social events like potluck dinners and cookouts.

Cypress Creek is being co-developed by Bonner Carrington and Sycamore Strategies. Moss and Associates will construct the community in cooperation with IFC-Construction. The architect is Arrive Architecture Group and the Civil Engineer is Pape Dawson. Bonner Carrington Property Management will serve as property manager for the development.

Cypress Creek was financed in part with $20 million in federal 9% Low-Income Housing Tax Credits (LIHTCs) awarded by the Texas Department of Housing and Community Affairs and syndicated by Hunt Capital Partners. EastWest Bank provided $32.5 million in construction financing and $22.1 million in permanent financing. The City of Dallas also provided a $11.7 million soft loan and the Dallas Housing Authority provided the Walker Settlement Vouchers.

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Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come. 

About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.