News Release-StoneRidge Ground Breaking 08/13/20
Crawford-Sebastian Community Development Center and Strategic Realty of Van Buren broke ground August 13, 2020, for a new $8.3 million affordable housing development at 10401 South Chad Colley Blvd., in Chaffee Crossing, Fort Smith, AR.
StoneRidge of Fort Smith will be a very nice neighborhood of 50 single-family rental homes with three- and four-bedroom plans ranging from 1,400-1,600 square feet plus a management/maintenance office. Each home will have a unique elevation and color scheme with maintenance-free exteriors and finishes. The majority of the exteriors will be brick, resulting in a very attractive neighborhood with covenants that complement other developments in Chaffee Crossing.
CSCDC executive director Marc Baker says there is nothing like StoneRidge in the area. “These homes will be high quality, energy-efficient construction with Energy Star rating. Our board vetted this project and we are very proud to make the investment with assistance from Arkansas Development Finance Administration, WNC, and Strategic Realty for many reasons. In the short term, it will create construction, contractor, and material supplier jobs for the regional community. In the long term, this development provides affordable living options for working families in a growth area that has a lot of great job opportunities in close proximity to their homes.”
The property will be professionally managed by Strategic Realty Management Inc (SRM) of Van Buren. All rental applicants will adhere to credit and background screening to ensure they meet a pre-determined rental criterion. There will also be an on-site management team to oversee day-to-day operations of the property. Strategic Realty (SR) President Jim Petty says his company has been “looking forward to bringing this unique product to the market. StoneRidge Homes will be an asset to the surrounding neighborhoods and to Chaffee Crossing. It is going to be a very nice place to call home.” Leasing is expected to begin mid-2021.
FCRA sold the 15 acres for StoneRidge of Fort Smith Housing Partners (an SRC holding entity) in 2017 according to Daniel Mann, FCRA president and CEO. Mann complimented Strategic Realty for their diligence to design and build such a high-quality product. “We are pleased that these will be attractive, energy-efficient homes and that SRC will be a long-term partner assuring the quality appearance of the neighborhood will be maintained over time. This is going to be a great development that gives even more people the opportunity to live in and enjoy Chaffee Crossing.”
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