This Week's Houston Deal Sheet: HTG Starts First Houston Project
Multifamily developer Housing Trust Group closed on financing and started construction for The Rushmore, a $33.8M affordable housing community in the Energy Corridor. The 101-unit complex is HTG’s first in Houston.
Apartments at The Rushmore at 800 Highway 6 S. in West Houston will be mixed-income. There will be 85 units reserved for income-qualifying residents earning at or below 30%, 50%, and 60% of the area median income and 16 units priced at market rate.
The Rushmore will offer 32 one-bedroom, 50 two-bedroom and 19 three-bedroom units, with rents ranging from $532 to $1,875 per month. Amenities will include a swimming pool, community clubroom, workroom, fitness center, game room and a dog walking path.
The Rushmore is a public-private partnership, and its funding sources include: $20M in construction financing from Citi Community Capital, $15.2M in Low-Income Housing Tax Credits syndicated through Raymond James, $3M in HOME financing from the City of Houston, a $6M American Rescue Plan Act loan from Harris County and an $8.1M permanent loan from Citi Community Capital.
The Harris County Housing Financing Corp. is the general partner and is providing a 99-year ground lease to ensure long-term affordability.
The design and construction team for The Rushmore includes general contractor Harris County Housing Finance Corp., prime subcontractor EOS Builders, HEDK Architects, engineer WGI Inc., interior design by Builders Design and landscape architecture by GreenScape Associates.
SALES
Oxford Partners represented Hernandez Office Supply in the sale of a 10K SF building at 13233 N. Eldridge Parkway in Cypress. Oxford Partners’ Jeffery Arnaud represented the buyer, while Darren O’Conor of Partners Real Estate represented the seller.
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Colliers represented the seller of 13 acres of land along Highway 6 in Missouri City. The firm's Chris Hutcheson, James Kadlick and Harrison Kane represented the seller.
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Gladstone Commercial Corp. acquired a 215K SF Class-A industrial manufacturing facility in Houston. The facility was acquired through a long-term sale-leaseback transaction with a 10-year, triple-net lease.
The building is 100% leased by CSE W-Industries, a U.S. subsidiary of CSE Global that specializes in system integration. The property was marketed by Wes Williams and Robert Alinger of Colliers' Houston office.
CONSTRUCTION & DEVELOPMENT
Welcome Group completed Phase 2 construction at Cedar Port Industrial Park within the master-planned TGS Cedar Port Industrial Park in Baytown. It includes two 22K SF buildings sitting on 4 acres of the 23-acre development tract originally purchased in July 2020.
It was designed by Tomorrow Planning, constructed by KDW and financed by Simmons Bank. Ryan Wasaff, Brad Berry and Cole Bercher of Welcome Group are leasing the facilities.
