Florida-based affordable multifamily developer Housing Trust Group has secured financing and begun construction on a $26 million affordable housing community in Northwest Austin.
Red Oaks at 11723 N FM 620 in Anderson Mill is a 80,014-square-foot, three-story, garden-style complex with 70 apartments — a mix of studios and one- to three-bedroom units ranging from 569 to 1,143 square feet.
Apartments at Red Oaks will be reserved for income-qualifying residents who earn at or below 30, 50, and 60 percent of the area median income.
Community amenities include a resort-style swimming pool, a community room, a fitness center, a grilling and outdoor patio area, and an outdoor turf recreational area.
Monthly rent will range from $661 to $1,965. Leasing is expected to begin in fall 2025, with completion scheduled for late 2025.
Red Oaks will also provide residents services including on-site classes, income tax preparation, career training and placement partnerships, and health fairs as well as community social events and recreational activities.
Funding sources for the development include $16 million in 9 percent Low-Income Housing Tax Credits, allocated by Texas Department of Housing and Community Affairs and syndicated through Raymond James; a construction loan of $15.6 million from Bank of America; a permanent loan of $7 million from Berkadia through Freddie Mac; and a subordinate lender RHDA loan of $4 million from Austin Housing Finance Corporation.
The design and construction team for Red Oaks includes general contractor Waltz Construction, FK Architecture, civil engineer and landscape architect Kimley Horn, and interior design by Builders Design.
“For more than a decade, the Austin metro grew faster than any large metro in the country and is still experiencing a continued trend of strong and rapid population growth,” Housing Trust Group's Matthew Rieger said. “The City of Austin is far from its goal of developing tens of thousands of affordable homes to meet this demand, underscoring the urgent need to address the city’s housing crisis. We’re proud to expand our reach into Austin with Red Oaks and look forward to growing our firm’s presence throughout the Lone Star state.”
Red Oaks is HTG's second development in Texas; the Coconut Grove-based company broke ground on Inn Town Lofts, an affordable housing community with 56 units in Lubbock, Texas, last month.
