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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.
- ◦Sale/Acquisition
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Jameson St Apartments
Weatherford, TXTexas + Apartment Buildings
Learn MoreListing Status: Available Listing Type: Highest & best offer Price: $5,160,000 No. of Units: 60 Average Occupancy: 98 Year Built: 1973 Building Size: 44700 Sq ft Lot Size: 4.05 Acres No. of Stories: 2 APN: R000047582 No. of Parking Spots: 100 Opportunity Zone: No Price per unit: $86,000 
3801 E MORELAND DR
WESLACO, TXTexas + Apartment Buildings
Learn MoreListing Status: Available Listing Type: Call for offers Price: $7,500,000 No. of Units: 78 Year Built: 2005 Lot Size: 77325 Acres Opportunity Zone: No Price per unit: $96,153
