Transit-oriented, sustainability-focused development opens with 76 residential units with investment from the AIC CEI-Boulos Opportunity Fund, a joint venture between Allivate Impact Capital® and CEI-Boulos Capital Management.
DALLAS — March 3, 2026 — A ribbon cutting celebration to be attended by community leaders, development partners, and Dallas Mayor Pro Tem Jesse Moreno, will be held at 3:30 PM on Tuesday, March 3 for The Marcus at 2020 S Ervay Street in South Dallas. This milestone marks the completion of a long-anticipated transit-oriented, sustainability focused project consisting of 76 units of affordable workforce housing in the underinvested, historically redlined Cedars neighborhood.
Developed by Savoy Equity Partners with investment from the AIC CEI-Boulos Opportunity Fund, a joint venture with Allivate Impact Capital, a subsidiary of Woodforest Financial Group, Inc., and CEI-Boulos Capital Management, The Marcus represents a major step forward in addressing Dallas’s housing affordability crisis while advancing equitable development with access to transportation.
The urban infill project will provide much-needed, long-term affordable housing for the neighborhood. Through a Public Facilities Corporation (PFC) tax exemption agreement with the City of Dallas, 51% of the units are formally rent-restricted and income-restricted for a period of 60 years to be affordable to renters earning 60% to 80% of the Area Median Income (AMI) or below. The remaining units will be rented as naturally occurring affordable housing but will not be formally restricted.
The Marcus is located in a designated Qualified Opportunity Zone. The Opportunity Zones program is a community investment tool established by Congress in 2017 and reauthorized in 2025 to encourage long-term investments in communities with low incomes by providing certain tax benefits.
The project is located in a designated “minority-majority” census tract, in which approximately half of the population is Black. The census tract is designated as an “Area of Economic Distress” by the U.S. Department of Treasury.
In this community 36% of households are “housing cost burdened,” meaning they spend more than 30% of their income on housing. 13% are “severely housing cost burdened,” meaning they spend over 50% of their income on housing. The Cedars answers a high need and demand for new, quality, and affordable rental housing.
The project will consist of a mix of 16 studios, 44 one-bedroom and 16 two-bedroom units, aiming to serve the needs of a wide range of households with a focus on working-class individuals and families.
The project was developed by Savoy Equity Partners, a Dallas-based vertically integrated real estate platform that specializes in multifamily affordable and workforce housing throughout Texas. Savoy's platform encompasses investment, in-house construction, and property management, currently managing over 6,000 units across 50+ properties with a team of 150+ professionals. Savoy has deployed $142 million in equity across 58 projects, with $92 million invested in Opportunity Zone developments. The firm's concentrated approach to neighborhood revitalization is best exemplified by its Bishop Ridge portfolio in North Oak Cliff, where Savoy has completed 20 buildings totaling 751 units with approximately 450 additional units in the pipeline. The opening of The Marcus builds on Savoy's track record of completing community-minded affordable and workforce housing projects with the goal of contributing to the long-term revitalization of the neighborhoods in which it operates.
Dallas Mayor Pro Tem and District #2 City Councilor Jesse Moreno said, “The same day we approved the convention center project management contract, we also approved this important project. The City's investment in our convention center requires growth in housing options nearby. Today marks an important milestone in the story of that growth throughout the Cedars. The Marcus will bring over 100 new residents to the neighborhood who will live and work right here in the heart of Dallas. I'm proud that the City could help make this a reality.”
Noelle St.Clair Lentz, CEO and Managing Director of Allivate Impact Capital, said, “The housing affordability crisis continues to plague low-income families and workers in South Dallas. Allivate Impact Capital is proud to stand alongside Savoy Equity Partners, CEI-Boulos Capital Management, and the City of Dallas to support the creation of these 76 affordable housing units to help revitalize the community, open access to transportation and jobs, and provide accessible and affordable housing for individuals and families.”
“CEI-Boulos Capital Management is dedicated to working with local communities to help revitalize neighborhoods that have been overlooked or underinvested by supporting impactful developments like the Marcus,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The AIC CEI-Boulos Opportunity Fund is proud to partner with Savoy Equity Partners to help bring much needed transit-oriented long-term affordable housing to the Cedars neighborhood.”
"Projects like The Marcus don't happen without the right partners. The City of Dallas, our equity partners at the Allivate Impact Capital and CEI-Boulos, and the Cedars community all played a role in making this a reality,” said Barrett Linburg, Co-Founder and Co-CEO of the Savoy Companies “The PFC structure allows us to guarantee affordability for 60 years while delivering the same quality we'd build at any price point. That's the standard we hold ourselves to, and the Cedars deserves nothing less."
The development is focused on environmental sustainability. The project meets the U.S. Environmental Protection Agency (EPA)'s Energy Star Certification standard by incorporating energy-efficient features such as LED lighting, ENERGY STAR-rated appliances, and high-efficiency HVAC systems. By adhering to these standards, the project will reduce energy consumption and lower utility costs for residents. The project also meets National Green Building Standard (“NGBS”) certification, ensuring it meets environmentally sustainable and energy-efficient standards. To achieve NGBS certification, a building must meet stringent criteria across various categories of sustainability, including energy efficiency, water conservation, indoor environmental quality, and resource efficiency. These standards encompass factors such as efficient insulation, high-performance windows, water-efficient fixtures, low-emission materials, and sustainable site planning.
The project is located within a 3-15-minute walk of multiple public transit options managed by the Dallas Area Rapid Transit, including bus, light rail, and the Dallas Streetcar system that connects the Cedars with Downtown Dallas. These options will provide residents of The Marcus access to eco-friendly commuting with frequent service to all of Dallas's major neighborhoods, employers, cultural institutions, healthcare facilities and educational institutions.
The four-story, garden style project replaced a largely vacant lot that included a blighted 1,500-square-foot graffitied structure, which represented an ongoing liability to the neighborhood. Savoy has upgraded sidewalks from non-existent or derelict conditions to 10-foot-wide pathways, surpassing the city-standard 6-foot sidewalks. These upgrades greatly improve pedestrian safety and accessibility for residents.
The project is aligned with various community and economic development plans and initiatives of the City of Dallas and will contribute to the City of Dallas's goal to revitalize the Cedars neighborhood in a manner that promotes sustainable, transit-oriented, and equitable growth.
About Allivate Impact Capital®:
Allivate Impact Capital is an impact investing firm with the goal of delivering attractive risk-adjusted returns from investments while creating measurable positive social impact. Our team uses innovative capital solutions to elevate communities, alleviate poverty, and activate entrepreneurial ecosystems. The company manages capital across asset classes in responsive ways to meet the needs of communities lacking access to funds needed to bring underutilized assets to their full potential. As a subsidiary of Woodforest Financial Group, Allivate Impact Capital leverages a global award-winning, and industry leading Community Development Team to achieve their goals. Learn more at https://allivate.com . Follow us on LinkedIn @Allivate Impact Capital.
About CEI-Boulos Capital Management:
CEI-Boulos Capital Management is a real estate investment fund management company focused on delivering both competitive financial returns and social impact. The company serves banks, family offices, and other institutional investors, and has a national scope. Areas of the company’s specialization include Opportunity Zones and the Community Reinvestment Act (CRA). Learn more at www.ceiboulos.com.