Redevelopment
June 2020
210
$30.2M
TDHCA Bond
Fannie Mae First Mortgage utilizing MTEB
CDBG-DR loan from City of Houston
LIHTC
Developer Loan
Park Yellowstone is a 210-unit multifamily property in Houston, Texas. Vesta acquired the property in 2016 in order to preserve this essential housing for the current residents due to significant growth and investment in the area. 100% of the units at Park Yellowstone 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.
Vesta came up with a plan that included a complete renovation of all 210 apartments and townhomes. A portion of the units were transformed into ADA compliant homes. The rest of the apartments received new kitchen cabinets, counters and appliances, bathroom vanities and lighting, new flooring, and new light fixtures.
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. The nature of these upgrades involved residents to be displaced from their units in order to safely rehabilitate each unit. A Learning Center and new fitness area were added as well. The buildings themselves received new roofs and entry doors while some units had foundation repairs done. Damaged sewer lines were repaired or replaced, and air conditioning condenser units were replaced as needed.
The renovations ensured Park Yellowstone will remain a vital provider of affordable housing in the greater Houston area. The changes to the community made it possible for residents to once again be proud of their homes. Park Yellowstone was awarded the Texas Apartment Association’s Affordable Housing Award for creative and innovative initiative in affordable housing.
