Supporting the growing need for senior housing in the densely populated Dallas-Ft. Worth metro, Gardner Capital has broken ground on Gala at Central Park in Hurst. A family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, Gardner Capital aims to complete construction in early 2022.
Treymore Construction will serve as general contractor for the project, to be located at 309 W. Pipeline Rd. in Hurst. Hurst Public Facility Corporation is the development partner for Gala at Central Park, while NDC Corporate and Redstone are the financial partners for the transaction.
“A couple years ago the City of Hurst realized that we need to address a growing problem in our city, said Henry Wilson,” Mayor of City of Hurst. “That problem was sufficient workforce and senior housing. We were so fortunate to develop a community revitalization relationship with Gardner Capital. We now have new communities open or under development to further address the city’s growing affordable housing needs. Working with Gardner Capital and their investment team at NDC, we have established a true public-private partnership. Their projects are first class and more than meet the needs for the city and our citizens. It has been a pleasure working with them, truly a partnership relationship, and much more than a traditional city and developer relationship.”
NDC Acquisition Manager, John Zaluski added “NDC is so excited to be a part of the Gala at Central Park project. This project fits our mission to provide equity capital for the construction of affordable housing for low-income individuals across the country.” Since its inception, NDC’s affordable housing group has raised over $1 billion of equity, which has resulted in over 15,000 units of housing created.
The 94-unit senior complex, with a mix of one- and two-bedroom apartments, will include a three-story residential building and a two-story clubhouse with a variety of resident amenities.
“As the need and demand for affordable senior housing continues to grow, we are thrilled to break ground and make a genuine difference in the market. We are excited to continue to grow our long term commitment to investing in the City of Hurst as well as build upon our long term partnership with the City – a partnership that has and will continue to be a very important one, not only to our Company, but for me personally,” said Michael Gardner, President and CEO of Gardner Capital. Gala at Central Park is one of multiple transactions currently in development for Gardner Capital specific to the DFW Region, consisting of over 1,000 units to be completed in the next few years.
