Weatogue, Conn. (January, 19, 2021)– Vesta Corporation (Vesta), a leading real estate firm specializing in the redevelopment and management of multi-family affordable housing communities, celebrates its successful renovation of Park Yellowstone Apartment Homes. Park Yellowstone Apartment Homes was recently awarded the Texas Apartment Association’s Affordable Housing Redevelopment Award for creativity and innovation in affordable housing. Located on Yellowstone Boulevard in the Greater OST / South Union Neighborhood, Park Yellowstone Apartment Homes was built in 1997 and serves an essential need from the risk of residents being displaced in an area of significant growth and investment.
“I want those that are already here to be able to stay in safe, adequate housing” said councilmember Carolyn Evans-Shabazz. “I am very, very excited for this project and I support it.”
The $30.2 million redevelopment included a complete renovation of all 210 apartments and townhomes. Community enhancements included a renovated leasing center, new swimming pool, new gazebo, enhanced lighting, and installation of a state-of-the-art security camera system. The community also has an on-site daycare center, as well as case management services and resident activities on-site provided by Star of Hope Mission.
100% of Park Yellowstone’s 210 units are restricted to residents earning 60% or less of the Area Median Income (AMI). 30% of the units are occupied by residents with incomes of 50% of AMI or less.
“Thanks to our many partners, including the City of Houston, TDHCA, Fannie Mae, PNC Bank, Key Bank, US Bank, and BMS CAT’s construction services we were able to complete an awardwinning redevelopment which will benefit our residents for many years to come,” said Arthur Greenblatt, CEO and President of Vesta Corporation. Park Yellowstone is an essential cornerstone to the preservation of affordable housing in the Greater OST / South Union neighborhood.”
Funding for the project was provided by a TDHCA bond issuance in conjunction with a Fannie Mae first mortgage utilizing the Multifamily Tax-Exempt Bond (MTEB) program; a CDBG-DR (disaster relief) loan from the City of Houston; tax credit equity from the Low-Income Housing Tax Credit Program and a developer loan.
Watch the Park Yellowstone Redevelopment Story here, https://youtu.be/pAqWJOsoR1Q