Copperwood Ranch Apartments is a 280-unit community located at 6833 Lakeview Haven Dr. in Houston.
HOUSTON—Copperwood Ranch Apartments is a 280-unit garden-style multifamily community that was developed in 2003 through the Low-Income Housing Tax Credit/LIHTC program. Hunt Real Estate Capital recently provided a Fannie Mae Multifamily Affordable Housing Preservation loan in the amount of $18.1 million to refinance the affordable multifamily community.
The 15-year loan features two years of interest-only payments followed by a 30-year amortization schedule. The property's 15-year compliance period ended on December 31, 2019, through which the borrower ensured that 100% of units will be occupied by low-income households (household income not exceeding 60% of AMI) during a 15-year extended use period.
"While Houston is considered an affordable metro area compared to other markets its size, more than 30% of renter households are still cost-burdened, meaning they pay more than 30% of their income towards housing," Paul Weissman, senior managing director and head of affordable housing finance at Hunt Real Estate Capital, tells GlobeSt.com. "Preserving this affordable housing community plays an important role for the local workforce and families as the population within one mile of Copperwood Ranch has nearly doubled from 2000 to 2019."
Located at 6833 Lakeview Haven Dr., the property is situated on 12.1 acres approximately 22 miles northwest of the Houston Central Business District. It has 48 one-bedroom, one-bathroom units; 168 two-bedroom, two-bathroom apartments; and 64 three-bedroom, two-bathroom units in 16 two- and three-story buildings. The community also features one single-story clubhouse building. Property amenities include a swimming pool, recreation room, playground, laundry facilities, gated access, covered parking, fitness center, Wi-Fi in common areas, business center and Internet/computer library.
"This is the fourth agency loan that we have closed for this experienced sponsor since 2016," notes Weissman. "The borrower currently maintains a Texas portfolio of 11 affordable housing communities with more than 2,300 units. Copperwood Ranch has been well maintained by the ownership for the past 16 years, with more than $160,000 in capital expenditures invested since 2018."
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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.
