Dominium has completed the rehabilitation of Knolls at West Oaks Apartments, a low-income housing tax credit (LIHTC) development in Houston.
Merchants Capital supported the acquisition, rehabilitation, and resyndication of the development, which was constructed in 2003. In addition to providing $10.8 million in LIHTC equity, the firm originated and will service a Freddie Mac tax-exempt loan as well as a Merchants Bank of Indiana equity bridge loan.
“Providing tax credit equity for this development is a major milestone for our company,” said Linda Hill, executive vice president of tax credit equity at Merchants Capital. “The tax credit equity division at Merchants has transformed our company into a full-service affordable housing equity provider and lender, enabling us to further our mission of expanding affordable housing options across the country. It was an honor to partner with Dominium to support the longevity of this critical affordable housing development in Houston.”
Knolls at West Oaks features 168 two- and three-bedroom apartments for residents earning no more than 60% of the area median income. All units were modified to meet current accessibility standards, including nine Americans With Disabilities Act-compliant units.
The renovation included an extensive remodel of the existing clubhouse, the addition of a new fitness center and supportive services room, and the installation of a new playground, pavilion, and grilling areas. Apartments received new appliances, quartz countertops, flooring, low-flow plumbing fixtures, a full cabinet replacement, and energy-efficient light fixtures.
“We appreciate the partnership and collaboration from Merchants Capital on this rehabilitation that keeps 168 affordable apartment homes in the Houston area,” said Neal M. Route, vice president and project partner at Dominium.
