SUGAR LAND, Texas – (Realty News Report) Gardner Capital, has completed a mixed-income multifamily community that will introduce rare four-bedroom rental housing to the Alief area.
The $25 million development, 13701 West Bellfort Blvd. on the southwest side of the Houston area, was developed partly as a response to the devastation of Hurricane Harvey in the summer of 2017, the developer said.
In addition to one-, two- and three-bedroom units, the 144-unit complex also includes four-bedroom duplexes to serve larger families.
The project, called Provision at West Bellfort, is a 144-unit gated community created as part of the Hurricane Harvey recovery effort, is located amid a mix of diverse multicultural neighborhoods and commercial properties.
Gardner Capital developed Provision at West Bellfort in partnership with both Texas-based and national partners at Amegy Bank, Raymond James and Fannie Mae, bolstering its growing presence in the Houston market.
Across the nation, the there is a short supply of rental units for larger families, according to a report recently published by the Urban Land Institute’s Terwilliger Center for Housing.
“Family renter households are a large and often forgotten segment of the American housing landscape,” the ULI report said.
“Families make up one-third of American renters. But the vast majority of new apartments cater to young, childless urbanites,” says the report. “The average newly built apartment is barely more than 900 SF — with a median rent of $1,600 per month. That’s a far cry from affordable for most rental families.”
Gardner Capital, the developer of the new Provision at West Bellfort, has placed more than $3 billion of equity in affordable housing and related investments since 1992.
Said Michael Gardner, President and CEO of Gardner Capital: “As we expand our work in affordable housing and real estate development across the country, Houston, Dallas and Austin remain our primary markets, and Provision at West Bellfort is a terrific example of multiple industry leaders coming together to create an outstanding complex in a diverse neighborhood.”
July 18, 2020 Realty News Report Copyright 2020
File: New multifamily has Large Units. 2. Gardner Texas project: New multifamily has Large Units