Atlantic Pacific Cos. Opens Houston Affordable Community
The county-led development is one of several projects meant to replace housing lost in Hurricane Harvey.
Atlantic Pacific Cos., in partnership with the Harris County Housing Authority, has opened The Arbor at Wayforest, a 192-unit affordable multifamily community in Houston. The $36 million property was in part financed through Harris County’s Community Development Block Grant – Disaster Recovery, as it is meant to replace housing stock lost in Hurricane Harvey.
Yardi Matrix data shows that the capital stack for the development involved:
- $20 million in bonds from the Harris County Housing Authority, insured by Citibank
- $9.5 million construction loan from the Harris County Housing Authority
- $3.8 million construction loan from Bank of America
The community comprises five buildings that incorporate two- and three-bedroom floorplans ranging from 946 to 1,103 square feet. Interiors feature vinyl flooring, quartz countertops and 9-foot ceilings. Common-area amenities include a fitness center, laundry facilities, a swimming pool and a café lounge. All units are reserved for individuals earning at or below 60 percent of the area median income.
Located at 17744 Wayforest Drive, in an Opportunity Zone, the property is close to Interstate 45 and roughly 15 miles north of downtown Houston. The community is also in proximity to large employers, being situated some 6 miles from the George Bush Intercontinental Airport and 15 miles south of the ExxonMobil Houston Campus.
Harris County Precinct One Commissioner Rodney Ellis emphasized in prepared remarks the gravity of metro Houston’s affordability crisis, mentioning that The Arbor at Wayforest represents one of many similar investments led by the county. Houston was one of the top markets for multifamily deliveries in 2022, with 18,450 units coming online. Of the total, only 421 apartments were fully affordable.