On occasion, we like to spotlight the incredible work our development partners like you are doing across the state. For this iteration, we're turning our attention to Hamilton Valley Management (Hamilton Valley) and their portfolio of rural apartment communities they acquired to rehabilitate and preserve as affordable.
Their 21-property development portfolio includes 802 newly rehabilitated units of multifamily rental housing in 20 different communities across Texas. Most properties are located within rural or small urban areas, providing much needed affordable housing to residents of these communities.
Hamilton Valley is a property development and management company that specializes in affordable multifamily housing in rural areas of Texas. With nearly 4,000 units under their management, over 3,000 units developed into affordable housing, and more than 70 combined years of multifamily real estate knowledge, Hamilton Valley is a highly experienced affordable housing developer.
TSAHC issued approximately $36 million in private activity bonds along with $3.5 million in construction financing towards the acquisition and rehabilitation of these properties through the Texas Housing Impact Fund. The total budget for this 21-property development plan was $83.6 million.
The Seagraves Garden Apartments (featured above) are one of the newly renovated properties within the Hamilton Valley portfolio. Located in Seagraves, TX, this 32-unit multifamily apartment complex dedicates 100% of its units towards serving households who earn at or below 60% of the area median family income.
Like all of the properties within this portfolio, the Seagraves Garden Apartments were originally built through financing from the USDA Section 515 program and were at risk of losing affordability when these Section 515 agreements expired. Hamilton Valley Management’s acquisition of these properties using TSAHC funds mean that the properties’ existing tenants were not displaced and the affordability of these rural rental properties has been preserved.