Lakecrest Village

WINNER   |   Best Repositioning/Redevelopment of a Multifamily Community

Best Repositioning/Redevelopment of a Multifamily Community

Nominated By:      Dominium
Location:               Houston

Project Statement:

Lakecrest Village, located in northeast Houston inside of Beltway 8, was originally constructed in 1999. The property comprises large two- and three-bedroom flats and four-bedroom townhome units, primarily serving families with children. At the time of acquisition, the property was suffering from the effects of significant deferred maintenance issues, including failing exteriors, subpar amenities and interior units in need of upgrades. Dominium’s acquisition of Lakecrest Village provided for a full rehabilitation of over $13 million — more than $58,000 per unit — while preserving the community as affordable for another 30 years. This rehabilitation was successful not only in addressing the accumulated deferred maintenance at the property, but also in providing residents with significant quality upgrades in the common area and in-unit amenities available. Lakecrest Village was given new life by Dominium to better serve its purpose as a stable, safe, quality affordable housing option for the residents of northeast Houston. The rehabilitation that Lakecrest Village needed so desperately was made possible by the Section 42 federal tax credit program. Specifically, the project received the benefit of an allocation of 4% Low-Income Housing Tax Credits from the Texas Department of Housing & Community Affairs (TDHCA), an issuance of tax-exempt bonds from Houston Housing Finance Corporation, construction and permanent debt financing from Citibank, and an equity investment from Stratford Capital Group. The project also received tremendous support from Houston City Council Member Jerry Davis, who played a crucial role in the approval process tied to the federal Section 42 program.

Developer:                          Dominium

Architect:                          Ebersoldt + Associates Architecture

General Contractor:    Construction Zone of Texas

Interior Designer:          Ilten Design

Photographer:                Joe Hernandez Photography

Project Website:             Lakecrest Village