Bellfort Park Apartments
Bellfort Park Apartments involves the acquisition and rehabilitation of an existing affordable community currently at risk of converting to market. The community is comprised of 64 units on Houston’s Southwest side in the Braeswood Place neighborhood.
Originally built in 1955, Bellfort Park currently operates under a 5-Year HAP Contract and serves tenants at or below 80% or Area Median Income (AMI) in an area where average market rate rents are well over $1,500, providing desperately needed affordable housing stock for the area. The HAP contract for this property is up for expiration and the economics of the project, specifically the extensive rehabilitation required to bring to current standards, make undertaking the renovation a difficult task financially if only using conventional financing.
KCG was able to make the renovation financially feasible by obtaining competitive Community Development Block Grant (CDBG) funds from the City of Houston after HUD awarded the city $400M to repair and rebuild multifamily inventory damaged by Hurricane Harvey. This funding allows for the property to remain affordable for at least another 40 years with renovation completion expected by January 2021.
Bellefort Park Apartments
Setting the standard for excellence in the multifamily industry. Building communities that connect all who live and work there.
© 2018 KGC Companies, Inc.
9333 North Meridian Street
Indianapolis, IN 46260