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Robin Estates units going up fast PDF E-mail

Ten new homes are rising quickly in a new low-income housing subdivision in Aurora expected to be ready for tenants by August.
Robin Estates, L.P., located in the southeast quadrant of the city just off 18th and A streets, was slowed by wet, snowy weather during the winter months, but is now making visible progress almost daily.

 

“We were only able to get the first three floors poured before the weather started hitting in November,” noted Matt Thomas, president of Dana Point Development Corporation of Turlock, Calif. “Usually, you would see more going on at once, but now that the weather has been a little more cooperative I think we’ll be able to finish all 10 sometime in August, if not sooner.”
Robin Estates will feature 10 single-family units, all three-bedroom, two-bath homes measuring approximately 1,350 sq. ft. with two-car garages and partially bricked exteriors. Rent is expected to be approximately $560 a month, and unlike the Village of Aurora project near the golf course, tenants at Robin Estates will not be required to attend home-buyer education classes or set aside a portion of their rent for home maintenance since there is no rent-to-own component in the lease agreement.
Dana Point is working with the Aurora Housing Development Corporation, a nonprofit housing entity, led by Dennis Ferguson.
“I think working with Dana Point is a win-win for AHDC and Matt Thomas,” Ferguson said. “We’re the vehicle or tool that’s needed to access the DED funding, but on the other hand AHDC only has enough capital to build one home. By working with Dana Point, we’re able to put up 10 LMI (low-to-moderate income) homes when it would take AHDC 10 years to put up that many.”
Thomas was also involved with the Village of Aurora project, Ferguson noted, becoming a key investor in the community.
“These two projects combined have equalled what AHDC has done since its inception,” Ferguson said. “That’s huge for our community to have an outside investor invest that kind of capital.”
Thomas said interest in the new project is already building from prospective tenants, though the units won’t be available for several more months.
“We have a waiting list, which we’re maintaining with the help of the Aurora Area Chamber & Development office,” he said. “Those tenants need to be qualified to live there.”
As far as the housing market is concerned, Thomas said he believes the project will fill up fast.
“I think Aurora still has a positive real estate market, and this is a project that will get leased up essentially right away,” he predicted. “Aurora has been a great community to work in and I’m looking forward to doing more in the community.”

For information about leasing, contact D&K Management at 308-234-4454.

 

To read more, see this week's print or e-editions

by Kurt Johnson

Ten new homes are rising quickly in a new low-income housing subdivision in Aurora expected to be ready for tenants by August.
Robin Estates, L.P., located in the southeast quadrant of the city just off 18th and A streets, was slowed by wet, snowy weather during the winter months, but is now making visible progress almost daily.
“We were only able to get the first three floors poured before the weather started hitting in November,” noted Matt Thomas, president of Dana Point Development Corporation of Turlock, Calif. “Usually, you would see more going on at once, but now that the weather has been a little more cooperative I think we’ll be able to finish all 10 sometime in August, if not sooner.”
Robin Estates will feature 10 single-family units, all three-bedroom, two-bath homes measuring approximately 1,350 sq. ft. with two-car garages and partially bricked exteriors. Rent is expected to be approximately $560 a month, and unlike the Village of Aurora project near the golf course, tenants at Robin Estates will not be required to attend home-buyer education classes or set aside a portion of their rent for home maintenance since there is no rent-to-own component in the lease agreement.
Dana Point is working with the Aurora Housing Development Corporation, a nonprofit housing entity, led by Dennis Ferguson.
“I think working with Dana Point is a win-win for AHDC and Matt Thomas,” Ferguson said. “We’re the vehicle or tool that’s needed to access the DED funding, but on the other hand AHDC only has enough capital to build one home. By working with Dana Point, we’re able to put up 10 LMI (low-to-moderate income) homes when it would take AHDC 10 years to put up that many.”
Thomas was also involved with the Village of Aurora project, Ferguson noted, becoming a key investor in the community.
“These two projects combined have equalled what AHDC has done since its inception,” Ferguson said. “That’s huge for our community to have an outside investor invest that kind of capital.”
Thomas said interest in the new project is already building from prospective tenants, though the units won’t be available for several more months.
“We have a waiting list, which we’re maintaining with the help of the Aurora Area Chamber & Development office,” he said. “Those tenants need to be qualified to live there.”
As far as the housing market is concerned, Thomas said he believes the project will fill up fast.
“I think Aurora still has a positive real estate market, and this is a project that will get leased up essentially right away,” he predicted. “Aurora has been a great community to work in and I’m looking forward to doing more in the community.”
Dana Point is the general partner on the project, in which GE Peters, Inc., of Aurora serves as the general contractor. The 10-unit complex is being funded in part by Nebraska Department of Economic Development Home Program funds and Nebraska Investment Finance Authority tax credits.
The Midwest Housing Equity Group, Inc., (MHEG) announced last week that it bought the tax credits and is pleased to be involved with the project. MHEG’s mission is to “change lives for a better tomorrow” by promoting the development and sustainability of quality affordable housing.
“Aurora is a very progressive community and we are pleased to be a part of it,” said Thomas Judds, executive vice president of MHEG’s Nebraska operations.
The sale of tax credits will be facilitated to investors through the Nebraska Fund XIV, L.P Investors in this fund include Pinnacle Bank, Farm & Home Insurance Agency, Inc., Farmers and Merchants Bank, Farmers and Merchants Investment, Inc., Geneva State Bank, Home Federal Savings & Loan Association of Grand Island, Nelnet, Inc., Platte Valley Bank, South Central State Bank, Valley Bank and Trust Company and Wells Fargo CDC.
For information about leasing, contact D&K Management at 308-234-4454.
 
To read more, see this week's print or e-editions

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