LDG Starts Construction on Houston-Area Affordable Housing
- Jun 10, 2014
Crosby, Texas—LDG Development has started work on Newport Village, an 80-unit affordable apartment project in the East Texas town of Crosby. The property will offer one-, two-, and three-bedroom units to income-restricted families.
Residents in the new apartments will have access to a furnished fitness center, business center equipped with computers and complimentary wifi, plus a community room. Outdoor amenities will include covered patios and balconies near a sitting area complete with a decorative gazebo and a playground for residents.
All together, Newport Village will be a $13.5 million project, with the Texas Department of Housing and Community Affairs allocating tax credit funding for the project. Other funding includes monies from First Sterling Bank, Community Bank of Texas, the Harris County Housing Finance Corp. and LDG Multifamily LLC.
Crosby is a small town (population about 2,300) in Harris County, northeast of Houston and part of the metro area, but less developed than other parts of the MSA. The property will be located at 5925 FM 2100, with Capstone Real Estate Services as the management company upon completion.
Louisville-based LDG Development is a commercial developer and specialist in affordable multifamily housing projects. The company has developed or rehabbed over 4,000 residential units and a number of commercial properties in 12 states as far west as Texas and Kansas, and is about to complete the Paddock at Norwood, a 228-unit affordable housing property in Austin.