HOUSTON, TX – The Life at Grand Oaks, an affordable 556 unit rental in Houston's Greater Inwood neighborhood, will both add and maintain important affordable housing units for families in northwest Houston.
As the local owner and operator of over 3,900 units in Houston MSA, Olive Tree and its The Woodlands-based affiliate property management organization The Life Properties bring extensive expertise and experience in owning and operating affordable residential properties in and around the city. from Houston to The Life at Grand Oaks.
The property will undergo a comprehensive renovation of € 23 million from September 2021.
The $ 85 million redevelopment project was made possible thanks to support from Olive Tree's financing and development partners. The financing includes a taxable home loan from JP Morgan Chase, an unfunded Fannie Mae MTEB loan serviced by JP Morgan Chase, and a stake in 4% low income home tax credits from Affordable Housing Partners.
Olive Tree would like to thank the Texas Department of Housing and Community Affairs for setting 4% tax credits on low-income residential real estate and the Houston Housing Finance Corporation for granting tax-exempt bonds. Olive Tree would also like to thank the City of Houston and the Near Northwest Management District for supporting the project, its planning and construction partners BASIS Architecture and Consulting and Pavilion Construction, and the many other stakeholders who played a role in realizing the project Realization.
In addition to The Life at Grand Oaks, Olive Tree Affordable Housing Development closed The Life at Parkview, an HUD-insured extensive redevelopment in Pasadena, TX, in May 2021. In total, in 2021 the company financed the extensive renovation and maintenance of 865 affordable residential units in the Houston metro with over $ 125 million in development costs. The company's pipeline within the Houston metro for the remainder of 2021 includes an additional 312 units and $ 59 million in development costs.
"Both projects demonstrate the value our adaptive approach to maintaining affordable housing creates, and we welcome such opportunities to offer our partners solutions for the long-term preservation of affordable housing," said Brennan Sanders, vice president of Affordable Housing Development on Olive tree.