Texoma Region Site for 222-Unit Apartment Complex

GVD Companies has raised $8 million in equity to construct a multi-unit apartment complex with 222 units in Gainesville. The town is an hour north of the DFW metroplex, just south of the Oklahoma state line. Gainesville is in the Texoma region of Texas.

In addition to the equity contribution, the property will be financed with a U.S. Department of Housing and Urban Development 221(d)(4) loan. The program is intended to encourage the construction or renovation of single-room apartment complexes so that people with limited incomes have access to safe housing.

The property will include a gated entrance, resort-style pool, dog parks, barbecue pits, pavilions, detached garages/storage units and covered parking.

The Dallas Business Journal news reports Texoma is still cheaper than DFW but is seeing increased development, including new semiconductor plants in Sherman and new neighborhoods like Preston Harbor.