Parish
What Is Going On With Argosy Apartments?
RECEIVED Sun., March 4, 2012
Dear Editor,
The Crestview Neighborhood Association newsletter says that a "business entity" is planning to purchase and redevelop the Argosy Apartments at 1003 Justin Lane. The March 13 public hearing at the Travis County Commissioner Precinct 2 office will discuss this purchase.
ML CASA V, LP has applied for as much as $17.5 million in bonds to be issued by the Travis County Housing Finance Corporation for the redevelopment of the property. Twenty percent of the units will be reserved for persons making 50% of the adjusted median income of the area.
Since I live across from the apartments, I know that they were repainted, re-roofed, and repaired around 2007. The $17.5 million is to go for financing, interior, and exterior renovation.
Exterior renovation has recently been done.
What are taxpayers buying? What is the cost per unit?
The contact person for ML CASA V, LP is Kristina Lynn. Her website address is Henderson Global Investors of Chicago. It describes itself as a pure asset management house. Who is buying this property? Is this a sweetheart deal? Why are we giving financing to a Chicago asset-management house that describes itself as: "fund managers organized into compact, nimble teams, able to make decisions without the hindrance of a house-style or committee. Decisions are taken in a considered way – mindful of the risks yet alive to the opportunities."
Why would the county trust these people with our money?
The Crestview Neighborhood Association newsletter says that a "business entity" is planning to purchase and redevelop the Argosy Apartments at 1003 Justin Lane. The March 13 public hearing at the Travis County Commissioner Precinct 2 office will discuss this purchase.
ML CASA V, LP has applied for as much as $17.5 million in bonds to be issued by the Travis County Housing Finance Corporation for the redevelopment of the property. Twenty percent of the units will be reserved for persons making 50% of the adjusted median income of the area.
Since I live across from the apartments, I know that they were repainted, re-roofed, and repaired around 2007. The $17.5 million is to go for financing, interior, and exterior renovation.
Exterior renovation has recently been done.
What are taxpayers buying? What is the cost per unit?
The contact person for ML CASA V, LP is Kristina Lynn. Her website address is Henderson Global Investors of Chicago. It describes itself as a pure asset management house. Who is buying this property? Is this a sweetheart deal? Why are we giving financing to a Chicago asset-management house that describes itself as: "fund managers organized into compact, nimble teams, able to make decisions without the hindrance of a house-style or committee. Decisions are taken in a considered way – mindful of the risks yet alive to the opportunities."
Why would the county trust these people with our money?
Connie Taylor