DALLAS, TX – Supporting the city of Fate, Texas, and senior residents alike, Gardner Capital has begun work on Gala at Fate, a public-private partnership designed to deliver quality senior housing as well as additional long term revenue for the city itself. Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, continues to increase its annual capital allocation for investment in markets throughout Texas – with multiple affordable housing developments focusing on both senior, family, as well as mixed-income developments.
For Gala at Fate, the City of Fate will partner with Gardner Capital through their Public Facilities Corporation (PFC), leasing the land and partnering with Gardner Capital for long term ownership and operation of the Project – allowing for additional revenue to the City of Fate that can be used for future public or economic efforts. CREA and Citibank are additional financial partners for the Project, along with Gardner Capital, with Citibank providing both construction and permanent financing.
“The City of Fate is excited to welcome high-quality senior housing to our growing city,” said Mayor Joe Burger. “An important piece of our community’s Comprehensive Plan is to provide a wide range of housing choices, from first-time home buyers up to retired grandparents living in our community. Gala at Fate gives an affordable option for independent seniors to live near their loved ones in Fate.”
“The creation of the Fate Public Facility Corporation was the key to get this project off the ground,” said Allen Robbins, President of the Fate Public Facility Corporation. “The PFC’s partnership with Gardner Capital not only creates high-quality senior housing, but also provides lasting value for the City of Fate.”
“We are excited about our new partnership with the City of Fate and look forward to building upon that long-term partnership in the coming years. As we continue to expand our investment in the DFW region, we look forward to providing the necessary development and financial resources to other communities in the DFW region to provide more quality affordable housing…at a time when housing continues to become more and more unaffordable. It is through these long-term partnerships that we are able to create transformative developments, but most importantly, to deliver quality affordable housing to those in need,” said Michael Gardner, Principal and CEO of Gardner Capital, on the value and importance of public private partnerships and how vital such partnerships are, especially in challenging and uncertain economic environments.
Anticipated for completion in January 2022, the project will be located at 359 E. Black Oak Ln. Gala at Fate will boast 185 units, with a mix of one-, two- and three-bedroom apartments. The high-quality senior housing will serve seniors of all incomes, including those on fixed incomes, with upgraded architecture and fixtures as well as a resort-style pool and fully appointed clubhouse with a fitness center and club room. Treymore Construction is the general contractor for Gala at Fate.