Developer Team Delivers Austin Affordable Housing Community
Housing Trust Group along with AM Affordable Housing, completed Red Oaks, a new 70-unit, $26 million affordable housing community in the Anderson Mill neighborhood of Northwest Austin.
Apartments at Red Oaks will be reserved for renter families earning 30%, 50% and 60% of local area median income (AMI). Rents range from $702 for a studio to $2,008 for a three-bedroom apartment.
Located at 11723 N FM 620, Red Oaks is a three-story, garden-style building with apartments ranging from 579 to 1,143 square feet. Amenities include a swimming pool, fitness center, playground and outdoor grilling area.
Funding sources for Red Oaks included $16 million in 9% Low-Income Housing Tax Credits (LIHTC); 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 $4 million RHDA subordinate loan provided by Austin Housing Finance Corporation.
The design and construction team for Red Oaks includes general contractor Waltz Construction and FK Architecture.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout