HOUSTON—The Near Northside neighborhood was designated as one of mayor Sylvester Turner's five Complete Communities last year. And now, Avenue and the city's housing and community development department have officially unveiled Avenue Station, a new affordable multifamily development in that neighborhood.
The $13 million development, which completed construction in late 2016 and is currently 100% leased, was funded primarily through the second round of the general land office disaster recovery funds administered by the city after Hurricane Ike in 2008. It received additional funding from Capital One, Houston Endowment, Local Initiatives Support Corporation, JP Morgan Chase & Co. and National Equity Fund.
The community features 68 affordable units with floorplans ranging from efficiencies to one-, two- and three-bedroom homes. A majority, 81%, or 55 of the units are designated for low-income tenants making 30%, 50% and 60% of area median income, while a total of 13 units–roughly 19% of the building's overall inventory– are priced at market rate.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
