OM Housing announced that it will break ground a 112-unit mixed-income community in Garland, Texas, later this month.
The approximately $30 million Lakeview Pointe Apartments development is utilizing low-income housing tax credits from the Texas Department of Housing and Community Affairs in conjunction with financing from Bank OZK, Capital One, Freddie Mac, and Boston Financial Investment Management.
More than one-third of the apartments will be market rate, according to the development team.
Community amenities will include a swimming pool, Wi-Fi in public spaces, a playscape, bicycle racks, green spaces, and a 6,000-square-foot clubhouse with a kitchen, a coffee lounge, and a community activity center for children. An on-site resident services coordinator will lead an abundance of community services to residents at no cost.
Additionally, local community-based organizations will provide learning and lifestyle activities for both children and adults, including aquatic activities, nutrition and computer classes, and other adult education programs.
The development will also meet crime prevention through environmental design requirements with perimeter fencing, controlled-access gates, increased lighting levels throughout, landscape designed to increase visibility eliminating dark spaces, and over 25 HD cameras on site.
Designed in an urban theme, Lakeview Pointe connects to Garland’s extensive trail system promoting walkability and multi-modal transportation, exceeding the ideals of the Envision Garland 2030 Comprehensive Plan.
OM Housing also plans to build and dedicate a street extension, which will connect the road with the new I-30 service road, to the city of Garland, with an estimated value of over $1.8 million.
“This is a strong example of housing credits being used as an economic incentive tool in a public– private partnership. Traffic patterns will be eased; erosion control will be strengthened; and quality, eco-friendly, affordable housing will be provided.” said Deepak Sulakhe, president and CEO of OM Housing.
Additionally, Lakeview Pointe will be the first National Green Building Standard certified project in the city of Garland. “Developing eco-friendly communities is something OM Housing prides itself on,” said Sulakhe. “We believe in providing healthier conditions and reducing our footprint, which ultimately results in lower utility costs for our residents.”
The architect for Lakeview Pointe is HEDK Architects, and the general contractor is Spring Valley Construction.
Founded in 2005, OM Housing has developed more than $850 million in multifamily projects with more than 7,000 units.
