Houston Affordable Multifamily Housing
Acquisition and Renovation of a 309–unit affordable multifamily community
Affordable Multifamily – Houston, TX
6/4/2019
Press Release by American South Real Estate Fund
ASREF DEPLOYS IMPACT CAPITAL TO PRESERVE AND IMPROVE AFFORDABLE HOUSING
Houston, TX – The American South Real Estate Fund has provided preferred equity capital to finance the acquisition and renovation of a 309–unit affordable multifamily community located in southeast Houston. ASREF’s investment will preserve the availability of affordable housing for residents in this LMI area and improve an asset that has not had a major renovation in over two decades. The capital plan includes cost-efficient exterior, interior, and common area amenity improvements that will benefit the quality of life for residents and families.
The community is subject to a Land Use Restriction Agreement (LURA) beyond the term of ASREF’s investment that mandates 100% of the units be leased to individuals and families whose income is 60% or less of area median income. The median income for residents is only 28% of the Houston MSA. The community is located in a predominately minority area (82%) with 32% below the poverty line.
ASREF partnered with a value-add investor with significant holdings in Atlanta and Houston that focuses on improving the quality of Class B and C properties typically in low and moderate-income neighborhoods.
