Resia announces it has closed on construction financing for a 573-unit apartment community located in the city of Houston, Texas. Santander Bank led the senior financing with Valley Bank participating, and Artemis Real Estate Partners provided preferred equity. The total financing amounted to $96.5 MM for the project, which is one of several brand-new Resia developments as the company continues to develop throughout Texas, Georgia, and Florida. The project broke ground in the 2nd quarter of 2022, is expected to begin leasing in the 4th quarter of 2023, and be fully delivered by 2nd quarter of 2024.
“We are grateful to our capital partners for their continued commitment to our vision during a volatile time in the capital markets,” said Carlos E. Gonzalez, chief investment officer for Resia.
Located directly across from the Houston Methodist West Hospital, Resia Ten Oaks will deliver 573 units across three 12-story high-rise buildings. Resia Ten Oaks will offer one-bedroom, two-bedroom, and three-bedroom floor plans. Apartments will feature modern finishes, stainless steel appliances, and in-unit laundry. Built with young professionals and families in mind, Resia Ten Oak’s well-designed amenities include assigned parking, a business center, and a multipurpose clubhouse complete with a swimming pool and fitness center.
Resia is rapidly scaling up its development activities in major markets throughout the Southeast. The company is on a mission to help solve the U.S. housing crisis by building quality apartments in growing metros where many renters are getting priced out by rising rents.
Resia is an award-winning, vertically integrated real estate company that specializes in developing, building, and managing quality multifamily communities across the United States. Our mission is to deliver exceptional living experiences to the millions of American households currently spending more than half of their income on rent. Resia is a division of MRV&Co (MRVE3:BZ), one of the largest homebuilders in the world. For more information, please visit www.liveresia.com.