ASREF’s $5.2M investment funded deferred maintenance for this 312-unit affordable apartment complex in Alief, Texas.
The Life at Westpark Apartments, built in 1994, is a 312–unit affordable multi-family community located in Alief, Texas. The project comprises 39 two-story apartment buildings spread across a 31.5-acre site. The project is in a Moderate Income area, with a 36% poverty rate, double that of Texas. The project has a LURA that mandates 100% of the units be leased to individuals and families whose income is 60% or less of AMI. The project offers various amenities: laundry rooms, pools, a basketball court and playgrounds. The Life at Westpark is in a hurricane-prone area. In 2008, Hurricane Ike destroyed the roofs of at least 12 buildings in the southwest corner of the project. In 2017, Hurricane Harvey flooded the parking areas in the north corner.
| Asset Type | Multi-Family Residence |
| Development Type | Renovation |
| Previous Use | Multi-Family Residence |
| Investment Closing Date | 2019-08-07 |
| Total Development Area | 352,778 SF |
| Construction Timeframe | Start: Aug 2019; Finish: Mar 2021 |
$27.4M
$27.4M
$5.15M
$1.72M
$6.87M
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OLIVE TREE HOLDINGS is a New York based multi-family owner that targets blighted properties in highly impoverished neighborhoods and implements a business plan across its portfolio to help increase occupancy and retention and reduce crime. The current portfolio consists of 16 properties in metro-Atlanta and seven in metro-Houston.
| Location | 14100 Rio Bonito Rd., Houston, TX 77083 |
| Area | Harris County |
| LMI Community Status | Moderate |
| Unemployment Rate | 9% |
| Poverty Rate | 36% |
| % Minority | 95% (39% African American) |
The Life at Westpark Apartments are in Alief, a suburban neighborhood close to Houston. The Alief area has a diverse population where minorities make up almost 95%; Black (22%), Hispanic (43%), and Asian (24%). According to the Alief Community Association (ACA), 82 foreign dialects are spoken in the community.
The Life at Westpark is in a Moderate-Income census tract, and the median income for residents of The Life at Westpark is only 45% of the Houston MSA. The Alief Independent School District identified over 80% of students as economically challenged with little or no health care. Most residents of The Life at Westpark work in low-skill service positions such as security guards, retail and food service. Ten residents work in local school districts, seven in retail such as Walmart and Sam’s and fifteen in the Texas Department of Criminal Justice. Around 62 residents receive housing assistance and their average income is $700 per month.
ASREF’s $5.15 million preferred equity investment in The Life at Westpark Apartaments improved the property and preserves the avaliability of aff ordable housing for residenys in this LMI area. Preserving access to quality aff ordable housing supports employees of nearby service industries by allowing individuals to live close to where they work.
