A 70-unit development has opened to provide families with affordable housing options in Austin, Texas.
Red Oaks is developed by Housing Trust Group (HTG), one of the nation’s largest affordable housing developers; AM Affordable Housing, the nonprofit founded by basketball legend Alonzo Mourning; and Thoman & Butler, a local consulting firm serving as a historically underutilized business.
The $26 million project marks the development team’s debut in Texas and the first of several planned and under-construction communities in the state.
“Austin got a wave of new apartment supply, but that didn’t immediately translate into affordability for everyone,” said HTG president and CEO Matthew A. Rieger. “Teachers, artists, health care workers, and service industry professionals still struggle to find quality, affordable housing options. Communities like Red Oaks, therefore, are vital to creating a more balanced and equitable market.”
Miami-based HTG is Florida’s largest developer of affordable housing, with a portfolio of over 7,000 affordable, workforce, and market-rate apartments. It has two other affordable communities approaching completion in Texas: Inn Town Lofts in Lubbock and The Rushmore in Houston.
Rieger has teamed with Mourning’s nonprofit on several properties in Florida.
"I've seen firsthand what it means to a family when they have a safe, stable, affordable place to call home—and I've seen what happens when they don't,” Mourning said. “That's why I got into this work, and that's why Red Oaks matters. Big thanks to the city of Austin and the state for stepping up and making this happen."
Red Oaks is a three-story, garden-style building with nine studio, 24 one-, 28 two-, and nine three-bedroom apartments. Apartments offer open floor plans and modern kitchens with stainless steel appliances and quartz countertops; vinyl plank flooring and walk-in closets; in-unit washers/dryers; and private covered terraces.
Amenities include a resort-style swimming pool, a state-of-the-art fitness center, a playground and outdoor grilling area, a dog park and pet grooming station, a multipurpose clubroom, a patio, a package locker kiosk, ample parking and electric vehicle charging stations, secure bicycle storage, and on-site management with 24/7 emergency maintenance.
Funding sources for Red Oaks included $16 million in 9% low-income housing tax credits allocated by the Texas Department of Housing and Community Affairs and syndicated through Raymond James Affordable Housing Investments; a $15.6 million construction loan provided by Bank of America; a $7 million permanent loan from Berkadia through Freddie Mac; and a $4 million Rental Housing Development Assistance subordinate loan from the Austin Housing Finance Corp.
The design and construction team for Red Oaks includes general contractor Waltz Construction, FK Architecture, civil engineer and landscape architect Kimley Horn, and interiors by Builders Design.
Asset Living is managing Red Oaks and will provide residents with a suite of complimentary on‑site services such as career training and job placement partnerships, free income‑tax preparation, health fairs, social events, educational classes, and recreational activities throughout the year.