Vireo Apartments in Houston Will Bring Needed Housing
HKP is pleased to announce closing on Vireo Apartments! The process of developing this 264 apartment home community was a perfect example of HKP’s commitment to affordable housing. While having the land under contract for over 2 years and working around a natural disaster, tax reform, and design changes, our team was able to execute on what will be a strong asset for HKP.
The site on which the community will be constructed consists of 2 adjacent parcels at the intersection of Tidwell Road and C. E. King Parkway in Houston, Texas. The apartment homes will be a mix of 1, 2, and 3 bedroom units at 60% Area Median Income (AMI). Amenities will include a playground, leasing office, outdoor entertainment area, large exercise room, swimming pool, and bark park.
This is first new construction 4% bond deal HKP has closed in Texas. The project will be funded primarily from tax-exempt mortgage revenue bonds and low income tax credits through the Texas Department of Housing and Community Affairs (TDHCA). Regions Bank is the investor limited partner, construction lender, and permanent loan servicer.