DMA Development Co. and Austin Geriatric Center Complete $88 Million Rehab of Historic Senior Tower on Lady Bird Lake
DMA Development Co. and Austin Geriatric Center have completed an $88 million gut rehabilitation of The Rebekah at RBJ Residences, a 16-story affordable senior housing tower located at 1320 Art Dilly Drive in Austin, Texas, delivering 224 renovated apartments along the shores of Lady Bird Lake.
The project, completed in 2025, transforms a landmark property that has served Austin's senior population for more than five decades. Originally developed in 1972 with support from U.S. Department of Housing and Urban Development's Section 236 program and named after President Lyndon B. Johnson's mother, the tower underwent a complete interior overhaul that reduced its original 250-unit count to 224 fully renovated homes. National Equity Fund served as the LIHTC syndicator on the transaction.
Unit Mix and Affordability Restrictions
The rehabilitated building now offers 92 studio apartments and 132 one-bedroom homes. All units are income-restricted, serving residents at 30%, 50%, and 60% of area median income. The affordability structure repositions the property from its original HUD Section 236 subsidy framework into a Low-Income Housing Tax Credit model.
Austin Geriatric Center, through affiliated entities, retains its role as the mission-driven owner and operator of the senior housing campus. DMA Development Co. was selected through a competitive process by Austin Geriatric Center to serve as sponsor and master developer for the redevelopment.
Campus Scale and Amenities
The Rebekah operates alongside a sister property, The Lady Bird, a newly constructed senior housing building also located at 1320 Art Dilly Drive. Together, the two buildings form RBJ Residences, described as Central Texas' largest senior housing community, with a combined 503 units and more than 10,000 square feet of shared amenities.
The Lady Bird contributes 279 units to the campus, including 47 studios, 208 one-bedroom apartments, and 24 two-bedroom homes, along with 5,834 square feet of ground-floor retail space and a structured parking garage.
Renovations at The Rebekah included new unit interiors, reconfigured floor plans, updated building systems, expanded community rooms, an outdoor pavilion, and a new rooftop lounge. The broader RBJ Residences campus provides health and wellness services, transportation, food assistance, financial planning, social programming, and access to on-site businesses and public green space.
Recognition and Industry Context
The Rebekah at RBJ Residences has been named a finalist for the 2026 Affordable Housing Finance Readers' Choice Award in the Seniors category. National Equity Fund, which syndicated the LIHTC equity for the project, highlighted the development as part of its 2026 award finalist spotlight series.
National Equity Fund is ranked third among LIHTC syndicators nationally. In 2025, the firm deployed $1.94 billion in LIHTC equity and helped create or preserve more than 14,200 affordable homes across the country.
The RBJ Residences campus sits east of downtown Austin with proximity to parks, transit, medical care, retail, and the Lady Bird Lake waterfront.