Housing Trust Group Completes Austin Affordable Housing
It's the developers' first project in the Lone Star State.
Housing Trust Group, in partnership with AM Affordable Housing, has completed the development of Red Oaks, a 70-unit affordable housing community in far northwest Austin, Texas.
Units at Red Oaks are reserved for households earning 30 percent, 50 percent and 60 percent of area median income, which was $94,000 per year for an individual and $134,000 per year for a family of four in 2025, according to data from the Department of Housing and Urban Development. Rents at the property range from $702 for a studio to $2,008 for a three-bedroom apartment.
The Texas Department of Housing and Community Affairs allocated $16 million in 9 percent Low-Income Housing Tax Credits, syndicated through Raymond James, for the development. Bank of America provided a construction loan of $15.6 million, and Berkadia provided a permanent loan of $7 million through Freddie Mac. Austin Housing Finance Corp. provided a $4 million RHDA subordinate loan.
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Red Oaks’ design and construction team included general contractor Waltz Construction, FK Architecture, civil engineer and landscape architect Kimley Horn and Builders Design, which served as the interior designer. Thoman & Butler, a Texas governmental affairs consulting firm and a Historically Underutilized Business, participated in the development.
Located at 11723 N FM 620, Red Oaks is a three-story, garden-style structure. The property offers studio apartments, as well as one-, two- and three-bedroom units ranging from 579 square feet to 1,143 square feet. Homes feature open floor plans and kitchens with stainless steel appliances and quartz countertops, vinyl plank flooring, walk-in closets, in-unit washers and dryers as well as private covered terraces.
Common-area amenities at Red Oaks include a resort-style swimming pool, a fitness center, a playground and outdoor grilling area. There is also a dog park and pet grooming station, clubroom, as well as a patio, package locker kiosk, electric vehicle charging stations and bicycle storage.
Asset Living is managing Red Oaks. The company will provide residents with no extra charge on-site services such as career training and job placement partnerships, free income tax preparation, health fairs and recreational activities.
Brisk demand in the Lone Star State
Red Oaks is the first development in Texas by Florida-based HTG and AM Affordable Housing, but, according to the partners, not their last. As the state’s population has grown, so has demand for affordable housing, especially in markets such as Austin.
Earlier in March, the NRP Group broke ground on the first phase of a 341-unit mixed-income multifamily development at the Anita Ferrales Coy Facility, the site of a former school in Austin. The project, which will be built in two phases, will total 675 units.
In January, Broadway Street Development delivered The Preserve at Mustang Creek, a 252-unit affordable housing community in Red Rock, Texas, an Austin suburb. The community is designated for renters earning 30 percent to 60 percent of the area median income.
