SUGAR LAND, Texas – (Realty News Report) Gardner Capital has completed a new mixed-income multifamily community that adds much-needed four-bedroom rental housing to the Alief area of southwest Houston.
The $25 million development at 13701 West Bellfort Blvd. was conceived in part as a response to the devastation caused by Hurricane Harvey in 2017. The gated community provides a range of unit sizes to meet diverse household needs.
Provision at West Bellfort includes one-, two- and three-bedroom apartment homes as well as four-bedroom duplexes designed specifically for larger families. The 144-unit complex aims to expand housing options for households that often struggle to find suitably sized rental units in the Houston region.
Gardner Capital developed Provision at West Bellfort in partnership with regional and national financial partners, including Amegy Bank, Raymond James and Fannie Mae. These collaborations helped finance and support the project and strengthened Gardner Capital’s growing presence in the Houston market.
Nationwide, rental units suitable for larger families are in short supply. A recent report from the Urban Land Institute’s Terwilliger Center for Housing highlighted that family renter households are a substantial but often overlooked segment of the rental market. Families account for roughly one-third of American renters, yet many recent apartment developments target young, childless urbanites.
The ULI report noted that the average newly built apartment is just over 900 square feet, with a median rent around $1,600 per month—dimensions and price points that frequently fall short of the needs and budgets of most rental families. By including four-bedroom options, Provision at West Bellfort addresses a gap in the market for larger, family-sized rental homes.
Since 1992, Gardner Capital has invested more than $3 billion of equity into affordable housing and related projects. The firm focuses on developments that expand access to quality, affordable rental housing across multiple markets.
Michael Gardner, President and CEO of Gardner Capital, commented on the new community: “As we expand our work in affordable housing and real estate development across the country, Houston, Dallas and Austin remain our primary markets. 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. Gardner Texas project: New multifamily has large units.
