Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has successfully secured financing and commenced construction on Red Oaks, a $26 million affordable housing community with 70 units in Austin, Texas. The development marks HTG’s second development in the state of Texas on the heels of breaking ground on Inn Town Lofts — an affordable housing community with 56 units in Lubbock, Texas — last month.
“For more than a decade, the Austin metro grew faster than any large metro in the country and is still experiencing a continued trend of strong and rapid population growth,” said Matthew Rieger, President and CEO of Housing Trust Group. “The City of Austin is far from its goal of developing tens of thousands of affordable homes to meet this demand, underscoring the urgent need to address the city’s housing crisis. We’re proud to expand our reach into Austin with Red Oaks and look forward to growing our firm’s presence throughout the Lone Star state.”
Located at 11723 N FM 620 Road, Red Oaks is a three-story, garden-style building encompassing 80,014 square feet. The community will offer 9 studio, 24 one-bedroom 28 two-bedroom, and 9 three-bedroom units, ranging from 569 to 1,143 square feet. Residents will enjoy a variety of amenities, including a resort-style swimming pool, multipurpose community room, state-of-the-art fitness center, grilling and outdoor patio area with lounge seating, and an outdoor turf recreational area.
In addition to the residential offerings, Red Oaks will provide residents with an array of services, such as organized on-site classes, annual income tax preparation, career training and placement partnerships, an annual health fair, and a range of community social events and arts, crafts, and other recreational activities.
Funding sources include $16 million in 9% Low-Income Housing Tax Credits (LIHTC) allocated by Texas Department of Housing and Community Affairs and syndicated through Raymond James, a construction loan of $15.6 million provided by Bank of America, a permanent loan of $7 million from Berkadia through Freddie Mac, and a subordinate lender RHDA loan of $4 million provided by Austin Housing Finance Corporation.
The design and construction team for Red Oaks includes general contractor Waltz Construction, FK Architecture, civil engineer and landscape architect Kimley Horn, and interior design by Builders Design.
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $4 billion in commercial, land and residential developments across Florida, Texas, Illinois and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments.
