The Richcrest Apartments opened last year as part of a public-private partnership, providing 288 affordable rental units in Houston's Greenspoint area near Bush Intercontinental Airport.
The apartments at 540 Richcrest Drive cost more than $57 million to develop and utilized a first-of-its-kind Housing and Urban Development grant through the Community Development Block Grant Program, which supports building more resilient communities. The $16.7 million CDBG funds were granted in the aftermath of Hurricane Harvey, which flooded the area in 2017.
The project's developer, AMTEX Multi-Housing LLC, a subsidiary of Agoura Hills, California-based AMCAL Housing, teamed up with APV Redevelopment Corp., the Houston Housing Authority, Citi Community Capital and Harris County Community Services to build the 288 apartments. Their efforts earned the project a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
The affordable housing project features a fitness center, barbecue grills, a picnic area, a pool and a garden, and includes a partnership with the YMCA for its after-school enrichment programs.
The YMCA has a dedicated area at the Richcrest Apartments for water safety and swimming classes, supportive services and a teen leadership program for minority and underserved children.
About the project: The development team faced supply chain constraints and project team turnovers during construction because of COVID-19. The original construction timeline was 18 months, but the development was extended to 26 months.
What the judges said: “This project will have significant impact to the community due to its location and integration of community service-minded amenities. It is also impactful in serving as an example of the variety of financing options available to projects that are willing to focus on community impact,” said Keith Richards, executive director of the Stanford Alexander Center for Excellence in Real Estate at the University of Houston.
“The developer was able to navigate the challenges of bringing together public and private entities to deliver quality affordable housing to an underserved market with significant demand. The partnership with the YMCA organization will benefit the residents and community, supporting important educational and life skills,” said Byron Plant, vice president of asset management for Venterra Realty Management.
They made it happen: AMTEX Multi-Housing LLC President Arjun Nagarkatti, AMTEX Multi-Housing LLC Senior Vice President Darin Hansen, AMTEX Multi-Housing LLC Construction Manager Gregory Morris, Citi Community Capital Assistant Vice President Fisher Sutterfield, Houston Housing Authority President David A. Northern Sr., and Harris County Community Services Department Project Monitor Aaron Keegan.