ST. PETERS, Mo. – TWG (www.twgdev.com), a national real estate development company specializing in commercial, market rate, affordable and senior housing developments, today announces the construction of Reserve at Spencer, a $42.9 million affordable, multifamily community coming to St. Peters, Missouri. This community marks TWG’s third low-income housing tax credit (LIHTC) project in the state of Missouri.
Located at 4000 Ryleigh Reserve Lane, Reserve at Spencer will be a 192-unit, four-story property featuring one-, two- and three-bedroom layouts. Reserve at Spencer is set to be a fully affordable community with units reserved for households making less than 60% of the area median income (AMI).
“With the Reserve at Spencer community, we are thrilled to bring more affordable housing options to the city of St. Peters,” said TWG Development Director Jackson Taylor. “Addressing the national affordable housing crisis has always been part of our mission at TWG, and this community allows us to serve more residents and provide a safe, budget-friendly space for our residents to call home.”
Amenities include a community lounge/clubhouse, community kitchenette, playground, dog park, co-working and meeting rooms, fitness center, mail and package security rooms, in-unit washer and dryer, in-unit dishwasher and more.
“This development represents our commitment to offering Midwest communities high-quality and affordable housing options,” said Adam Lavelle, SVP, Originator at CREA, LLC. “We are excited to continue our long standing relationships with TWG and UMB Bank to deliver a safe, service enriched living environment for individuals and the community of St. Peters, Missouri to be proud of.”
Reserve at Spencer was made possible with the support from key partners including CREA, LLC, Merchants Bank, UMB Bank, and the Missouri Housing Development Commission (MHDC). Bond financing was also provided by the Industrial Revenue Authority (IDA) of St. Charles County. Construction for Reserve at Spencer is currently underway, and the community is expected to be completed in late 2024.
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