Houston Affordable Housing Project Bought, To be Rehabilitated

Envolve Communities, an Alabama-based multifamily owner-operator, has received $24.8 million in financing for the acquisition and rehabilitation of Coral Hills Apartments, a 172-unit affordable housing complex in Houston.

Built in 1973, the property consists of 16 two-story buildings that house one- and two-bedroom units that are reserved for households earning 30, 50 or 60 percent or less of the area median income. The financing includes $14.6 million in Low-Income Housing Tax Credit equity, which was provided by Hunt Capital Partners, as well as $11.8 million in construction financing from M1 Bank. Bellwether Enterprise Real Estate Capital also provided a $6.7 million permanent loan.