Houston, Texas
CDT Partner
Lynd Residential Properties
Investment Description
Copper Mill Apartments is a 234 unit multifamily rental community located in the Copperfield area of Houston, Texas. Acquired in January 2006, the Copper Mill acquisition is yet another example where an unsubsidized, market-rate property has been captured to preserve its long-term affordability. Amenities at the property include a swimming pool with spa, fitness center, picnic areas, and laundry facilities.
Transaction Highlights
Currently affordable to families earning less than 53% of the area median income, the Lynd/CDT partnership is committed to preserving the long-term affordability of this community. In addition to the cost of the acquisition, the partnership has also provided $350,000 to fund an immediate capital improvement program. While preserving affordability is the key, preserving the asset to ensure and enhance the quality of life is an equal priority. As of the date of acquisition, Copper Mill was home to 19 families who had been dislocated as a result of Hurricane Katrina.
the community development trust
