Developer Team Building $80M Houston-Area Multifamily Community
The team of WNC & Associates and Pedcor Companies has started work on a 264-unit affordable housing community in the Houston suburb of Kohrville. Willow Creek Manor is expected to cost $79.8 million. Commercial Edge reports Willow Creek Manor’s construction was funded through four percent Low Income Housing Tax Credits, tax-exempt bonds, and an FHA 221(d)4 loan from the Department of Housing and Urban Development.
The project’s design calls for 11 garden-style buildings with floor plans that include 72 one-bedroom homes, 156 two-bedroom homes, and 36 three-bedroom units for families earning at or below 60 percent of the Area Median Income. Construction is expected to wrap up in 2027.
The community includes a clubhouse with a business center, fitness center, community room, laundry room and on-site management office, as well as a common Wi-Fi area, swimming pool and playground. Construction is expected to wrap up in 2027.
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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