HOUSTON, TX - The Life at Grand Oaks, a 556-unit affordable rental community located in Houston’s Greater Inwood neighborhood, will both add to and preserve critical affordable housing units for families in Northwest Houston.
As a local owner and operator of over 3,900 units in the Houston MSA, Olive Tree, and its The Woodlands-based affiliated property management organization, The Life Properties, bring significant expertise and experience within owning and operating affordable housing properties within and around the City of Houston to The Life at Grand Oaks.
The Property will undergo a $23M substantial rehabilitation, beginning in September 2021, including a comprehensive sustainable retrofit of its plumbing, electric and HVAC systems, to position it as safe, high-quality affordable housing for years to come.
The $85M redevelopment project was made possible through the support of Olive Tree’s financing and development partners. The financing includes a taxable construction loan provided by JP Morgan Chase, an unfunded Fannie Mae MTEB loan serviced by JP Morgan Chase, and an equity investment in 4% low-income housing tax credits by Affordable Housing Partners.
Olive Tree would like to thank the Texas Department of Housing and Community Affairs for its determination of 4% Low-Income Housing Tax Credits and the Houston Housing Finance Corporation for its allocation of tax-exempt bonds. Olive Tree would also like to thank the City of Houston and the Near Northwest Management District for their support of the project, its design and construction partners BASIS Architecture and Consulting and Pavilion Construction, and the many other stakeholders who played a role in bringing the project to fruition.
In addition to The Life at Grand Oaks, Olive Tree Affordable Housing Development closed The Life at Parkview in May 2021, a HUD-insured substantial rehabilitation located in Pasadena, TX. In total, the firm has financed the substantial rehabilitation and preservation of 865 affordable housing units, over $125M in development costs, in the Houston-metro in 2021. The firm’s pipeline within the Houston-metro for the remainder of 2021 includes the preservation of an additional 312-units and $59M in development costs.
“Both projects demonstrate the value our adaptive approach to affordable housing preservation creates and we are pleased to be afforded opportunities such as these to provide solutions for the long-term preservation of affordable housing to our Partners,” says Brennan Sanders, Vice President of Affordable Housing Development at Olive Tree.