125-Unit Houston Affordable Housing Project Opens Doors
Hartwood at Spring Shadows, a new $33 million affordable housing community in Houston’s Spring Branch neighborhood, recently opened. The 125-unit development is situated at 4014 Clarblak Lane. It provides 112 affordable rental units for households earning between 30% and 60% of the Area Median Income (AMI), as well as 13 market-rate units. The property offers one-, two-, and three-bedroom apartments, featuring amenities that include a swimming pool, outdoor grill, dog park, playground, and a fitness center.
Hartwood at Spring Shadows was helmed by Blazer Real Estate Services, who also built the project.
The project was funded through a combination of sources, including:
- More than $17 million from CVS Health through Boston Financial Investment Management
- 9% Low-Income Housing Tax Credits from the Texas Department of Housing and Community Affairs
- $10 million in U.S. Treasury ARPA funds from Harris County for land and construction
- Construction loans from Amegy Bank and Memorial Hermann Foundation
The Harris County Housing Finance Corporation owns the land and is providing a 99-year ground lease.
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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