AUSTIN, TEXAS — Housing Trust Group (HTG) has completed and opened Red Oaks, a 70-unit, $26 million affordable housing community in the Anderson Mill neighborhood of Northwest Austin. Apartments at Red Oaks will be reserved for families earning 30, 50 and 60 percent of local area median income, which was $94,000 for an individual and $134,000 for a family of four in 2025, according to HUD. Miami-based HTG partnered with nonprofit group AM Affordable Housing and locally based consulting firm Thoman & Butler on the project.
Funding sources for Red Oaks included $16 million in 9 percent Low-Income Housing Tax Credits (LIHTC) allocated by the Texas Department of Housing and Community Affairs and syndicated through Raymond James; a construction loan of $15.6 million provided by Bank of America; a permanent loan of $7 million from Berkadia through Freddie Mac; and a $4 million rental housing development assistance subordinate loan provided by 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. The three-story, garden-style building is comprised of nine studios, 24 one-bedrooms, 28 two-bedroom and nine three-bedrooms.
Amenities include a resort-style pool, fitness center, playground, outdoor grilling area, dog park and pet grooming station, clubroom, package lockers, electric vehicle charging stations, secure bicycle storage and on-site management with 24-7 emergency maintenance.