Austin, Texas, developer Megan Lasch and her firm, O-SDA Industries, worked with the Dallas Housing Opportunity Fund to build Jaipur Lofts, a $27.8 million, mixed-income rental complex in the city’s East Village neighborhood.
The project at 2102 Annex Ave. is the latest of several affordable housing developments across Texas for O-SDA. Saigebrook Development served as a consultant on the project, the eighth real estate investment made by the Dallas Housing Opportunity Fund. Jaipur Lofts has leased 11 units since the groups held the project's opening on March 27.
Jaipur Lofts will let working families "stay in this rapidly gentrifying neighborhood," Lasch said in a statement. Lasch started as an engineering consultant more than a dozen years ago, designing several public and private developments.
Jaipur Lofts contains 71 one-, two- and three-bedroom apartments for those earning at or below 80% of the area median income, with more than half the units designated for residents earning below 50% of the area median income. That number could be as low as $30,200 per year, based on data from the city of Dallas.
The fund, along with its partners and developers, plans to provide more mixed-income developments such as Jaipur Lofts to mitigate the city's affordable housing crisis, said Ben Glispie, senior director of fund and strategic investments for the community development organization, Local Initiatives Support Corp.
The Dallas Housing Opportunity Fund, or DHOC, launched in 2022 with $6 million in seed funding from the city to help address the need for quality, affordable housing for residents. To date, DHOC has raised $41.5 million and invested $34 million across eight developments that have brought more than 500 affordable apartments to Dallas, the fund said.
The fund is managed by LISC Fund Management and TREC Community Investors.