Transit-oriented, sustainability-focused development opens with investment from the AIC CEI-Boulos Opportunity Fund, a joint venture between Allivate Impact Capital® and CEI-Boulos Capital Management
DALLAS - October 15, 2026 - A ribbon-cutting celebration attended by community leaders, development partners, and Dallas City Council Member Chad West was held today for The Parker at 800 Comal Street in the Lake Cliff neighborhood. This milestone marks the completion of the largest component of the broader 263-unit Lake Cliff Affordable and Workforce Housing Project, a long-anticipated transit-oriented, sustainability-focused initiative in North Oak Cliff, just south of downtown Dallas.
The Parker was developed by Savoy Equity Partners with an investment from the AIC CEI-Boulos Opportunity Fund, a joint venture between Allivate Impact Capital® and CEI-Boulos Capital Management. The project represents a step forward in addressing Dallas's housing affordability crisis while advancing equitable, transit-oriented development. Savoy General Contractors, Savoy's construction affiliate, served as general contractor, and Savoy Residential manages the property. The Parker sits in a census tract designated as a Qualified Opportunity Zone in 2018 and nominated by Governor Abbott on September 4, 2026, for redesignation under the new permanent Opportunity Zone program.
Through a public-private partnership with the Dallas Public Facility Corporation (PFC), 51% of the newly constructed units will be formally rent restricted to be affordable for a period of 75 years. Of these units, 41% will be restricted at or below 80% of AMI, while 10% will be restricted at or below 60% of AMI.
This transit-oriented development is located within a five- to fifteen-minute walk of multiple public transit options managed by Dallas Area Rapid Transit, including the Dallas Streetcar that connects with Downtown Dallas.
The investment responds to significant neighborhood need. Lake Cliff has lagged surrounding neighborhoods economically and has faced challenges including dilapidated housing stock, high vacancy, and negligent ownership. The census tract in which the project properties are located has been classified as both “severely distressed” and a “high housing need area” by the U.S. Department of the Treasury's Community Development Financial Institutions Fund.
The Parker is the largest of three properties comprising the 263-unit Lake Cliff Affordable and Workforce Housing Project, which also includes the 2023 renovation of 61 units of naturally occurring affordable housing at Swope & Mangold, located at 211 E Davis Street, and the ground-up construction of 75 units at The Bowie at 405 N Ewing Avenue, which opened in 2025.
In addition, the AIC CEI-Boulos Opportunity Fund supported Savoy's ground-up construction of The Marcus, a 76-unit mixed-income development located at 2020 S Ervay Street in the Cedars neighborhood, which opened in March 2026. Together, these four Fund-supported Savoy projects represent a combined 339 units of housing across the Lake Cliff and Cedars neighborhoods.
“I'm supportive of Savoy's work to bring PFC projects like this one to Lake Cliff,” said Dallas City Council Member Chad West. “These projects bring new Class A homes, including much needed affordable units, while improving the infrastructure and quality of life for all nearby North Oak Cliff residents.”
“CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested by supporting impactful developments like The Parker,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “We are proud to celebrate this milestone with Savoy Equity Partners, Allivate Impact Capital, and the Lake Cliff community as The Parker opens and provides long-term, transit-oriented affordable and workforce housing in North Oak Cliff.”
“The Parker illustrates the transformative potential of Opportunity Zone investment when capital is intentionally directed toward community needs,” said Noelle St.Clair Lentz, CEO of Allivate Impact Capital. “At Allivate, we are committed to using innovative capital solutions to elevate communities and expand economic opportunity. This investment demonstrates how patient, long-term capital can support high-quality housing, strengthen neighborhoods, and create lasting value for residents and investors alike.”
“This part of the neighborhood was a very challenging place to invest when we started. But everything was already here: the streetcar, Bishop Arts, the park, downtown. We were just the hole in the donut, and we needed to fill in the hole,” said Barrett Linburg, Co-CEO of Savoy Equity Partners. “Buying the worst buildings first and fixing them made it possible to build on the vacant land, and every new building we finish here makes everything around it more vibrant. The Parker is 127 of those units, the biggest thing we've built in the neighborhood, and it doesn't exist without patient capital from CEI-Boulos and Allivate that was willing to underwrite a ten-year hold on a block most investors wouldn't have driven down.”
“The Parker is the reason we built a ground-up construction division inside Savoy General Contractors. When the original contractor could not continue, our team took over the job with the lender and the Dallas PFC both signing off on the new contract, and carried it through to 127 finished units,” said Seth Bame, Co-CEO of Savoy Companies. “Nobody outside the company would have done that for us. Owning the developer, the builder and the property manager means there is no one to hand a problem to. You just fix it.”
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
About Allivate Impact Capital®
Allivate Impact Capital® is an impact investing firm with a mission of using innovative capital solutions to elevate communities, alleviate poverty, and activate entrepreneurial ecosystems. As a subsidiary of Woodforest Financial Group, Allivate leverages an award-winning Community Development Team to deliver attractive risk-adjusted returns from investments while delivering measurable positive social impact. Learn more at allivate.com and follow us on LinkedIn®.
About Savoy Equity Partners
Savoy Equity Partners is a Dallas-based real estate investment and development firm specializing in multifamily properties. With a focus on revitalizing neighborhoods and integrating complex tax structures, including Opportunity Zone benefits, the firm has a proven track record in transforming and managing apartment buildings with efficiency and strategic foresight. Its unique vertical integration with both affiliated property and construction management firms ensures full-cycle control from design to stabilization. Learn more at https://savoyequity.com/.