OKLAHOMA CITY, OK – TWG, a real estate development company specializing in commercial, market rate, affordable and senior housing developments, today announces its acquisition of Hillcrest Green Apartments, an affordable housing development in Oklahoma City.
Built in 1973, Hillcrest Green Apartments is located at 3317 SW 74th Street near the heart of downtown Oklahoma City. The building consists of 96 units and features studio to four-bedroom options ranging from 500-1,200 square feet. Currently, all units are reserved for individuals with income less than or equal to the area’s median income (AMI).
The $12.7 million deal marks TWG's first 9% tax credit award in Oklahoma and first overall project in the state. Plans to renovate the property have already begun and are expected to be completed in Spring 2022. Once complete, the complex will remain an affordable housing property for Oklahoma City residents.
“TWG is thrilled about this project and excited to see how our work can further revitalize Oklahoma City by providing high-quality affordable housing options for surrounding low-income families,” said TWG Acquisitions Director Ryan Kelly. “Continuing to deliver affordable housing remains our mission at TWG, and we remain committed to ensuring this property remains affordable for those who need it.”
The low-income housing tax credit (LIHTC) deal was due in large part to the key partners, such as the Oklahoma Housing Finance Agency (OHFA), Key Development Capital Corporation and KeyBank.
About TWG: TWG is a real estate development company specializing in commercial, market rate, affordable and senior housing developments. TWG was formed in 2007 to develop, own and manage housing communities throughout the Midwest. Through its related entities, TWG Development, TWG Construction, and TWG Management, TWG is able to envision a development from concept to lease-up to stabilization. TWG has transacted over $1.3 billion in development costs and over 8,000 units developed across the country.
Media Contact: Natalie Weber, natalie@dittoepr.com, 317-292-7409