HOUSING TRUST GROUP MAKES TEXAS DEBUT
WITH MIXED-INCOME APARTMENTS IN FORT WORTH

Park Tower will deliver 78 affordable and 12 market-rate apartments

Fort Worth, Tex. (April 8, 2021) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has been awarded tax credits from the Texas Department of Housing and Community Affairs to develop a new 90-unit, $22 million mixed-income apartment community in the heart of Fort Worth, Texas. Located at 1209 Jacksboro Highway, with elevated views over the Trinity River and Rockwood Park, Park Tower will offer 78 income-restricted apartments for households earning less than 30, 50, and 60 percent of the area median income (AMI), and 12 unrestricted, market-rate apartments. Monthly rents at Park Tower will range from $400 to $2,000.

Construction is slated to begin by February 2022, pending closing of financing, with completion expected by late 2023. The development will create approximately 145 local jobs (41 permanent), provide recurring local business revenues and generate approximately $2 million in local tax revenue during the construction phase.

“The need for affordable housing in Fort Worth has never been more urgent,” said Matthew A. Rieger, President and CEO of HTG. “We’re delighted to make our entry into the Fort Worth market with Park Tower, which will provide safe and affordable housing to Fort Worth residents who are otherwise priced out of this growing community.”

Park Tower will deliver one-, two- and three-bedroom residences in one four-story, elevator-serviced mid-rise building. Individual apartments will include balconies, window coverings, contemporary-style wood flooring with carpeting, central heating and air conditioning, ceiling fans, walk-in closets and washer and dryer connections. The kitchen will be well apportioned and include spacious quartz countertops, and Energy Star rated appliances. Community amenities will include a clubhouse/community room, business center/computer lab, state-of-the-art fitness center, central laundry, courtyard, on-site management and WiFi in all common areas. The property will offer 44 surface parking spaces and 101 garage parking spaces.

Park Tower is conveniently located west of downtown Fort Worth with close proximity to transit corridors, shopping, dining and employment centers.

The design team is headed by Overland Partners Architecture and Urban Design. Founded in 1987 in San Antonio, Overland has been recognized by Architect magazine as one of the top 50 design firms in the United States in 2015 and one of the top 50 sustainable design firms in 2016. Sensitive to the environmental and aesthetic contexts of projects, the firm thoughtfully integrates technology, art, and craft to uncover world-class, innovative sustainable solutions for highly complex projects.

Housing Trust Group, with corporate headquarters in Miami and offices in Texas, Arizona and Georgia is making its affordable housing debut in Fort Worth, Texas and Austin, Texas.

Housing Trust Group’s entry into Texas brings Valentin DeLeon as Vice President of the Southwest Region. He works directly with senior development management and Housing Trust Group’s leadership team. “Val has been working in Texas for many years and I am delighted to have the opportunity to work next to him throughout the southwest. Our aim at HTG is to fulfill housing needs by delivering high quality affordable rental home experience in markets with greatest need,” said Quinn Gormley, Executive Vice President of Development for Housing Trust Group.

The Park Tower apartment homes is a 90-unit affordable housing and market rate multifamily development located at 1209 Jacksboro Highway in Fort Worth, Tarrant County Texas 76114. The Park Tower will offer one, two, and three-bedroom residences in one four-story elevator serviced midrise building. Park Tower will offer 78 units as income restricted to households earning less than 30, 50, and 60 percent of the area median income (AMI), while the remaining 12 units will operate as unrestricted market rate units.

Park Tower individual residences will offer balconies, window coverings, modern styled flooring with carpeting, central heating and air conditioning, ceiling fans, walk-in closets and washer and dryer connections. The kitchen will be well apportioned and include a refrigerator with icemaker, range/oven, dishwasher, disposal and microwave. The building will provide amenities to the residents such as a business center/computer lab, clubhouse and community room, courtyard, elevators, exercise facility, central laundry, on-site management and wifi in common areas. Parkin will include 44 off street surface parking and 101 garage parking spaces at no additional charge.

This unique mixed income development would not be possible without a mixture of capital sources. The Texas Department of Housing and Community Affairs is providing $14.6 million in Housing Tax Credits. Construction debt financing of $12 million and permanent debt financing of $5 million. Besides the development’s long term operational performance and construction completion obligations, Housing Trust Group is also committing an addition $700 thousand to make the development possible.

The development of Park Tower will bring approximately 145 local jobs and generate $2 million in local taxes and other business revenue during the construction phase. Park Tower will support approximately 41 local long-term jobs and create additional long-term recurring local tax revenue and local business revenue.

Construction is anticipated to break ground in May 2021and completion is expected to be achieved by the fall of 2023.