New apartments development coming to Victoria

Victoria community leaders partner with The NRP Group to improve the Southside of Victoria
New apartments development coming to Victoria

New apartments development coming to Victoria

VICTORIA, Texas – The City of Victoria’s population is reaching 70,000 and continues to grow. Due to the community’s growth, the City needs additional low-cost workforce housing option for new and current residents.

Victoria community leaders, along with multi-family housing developer, The NRP Group, announced a partnership that will move the city one step closer to revitalizing the outside of Victoria.

The area known as Silver City has been overlooked by developers. On the other hand, the City of Victoria and the Victoria Housing Finance Corporation see the potential in the community. They have been working with developers on a strategic plan redesign the area. Through the partnership, a new development, tentatively named Odem Street Apartments, has entered the planning phase. Once construction begins, an official name of the community will be selected.

On Tuesday, Sept. 7, the Victoria City Council approved a resolution authorizing the Odem Street Apartments to proceed with an application to the Texas Department of Housing and Community Affairs for financial assistance. The NRP Group hopes to begin development on the Odem Street Apartments project in the summer of 2022. The first apartment homes aims to open for leasing in the fall of 2023. The target completion date for the entire community is set for the spring of 2024. These dates aren’t final and are based upon receiving approval and financing from the state.

The property will feature an affordable community of apartment homes for workforce individuals and families.

New apartments development coming to Victoria – The community will include:

  • a 24/7 workout facility,
  • a community space,
  • a business center equipped with Wi-Fi and printers, and
  • a child-friendly swimming pool.

The NRP Group has been working with Victoria city leaders for 18 months. They realized the targeted goal is to bring new affordable housing to the city’s Southside.

Residents who earn up to 70% of Victoria’s median family income reserve priority of housing. The percentage varies depending on household size. According to the U.S. Department of Housing and Urban Development, 70% of the 2021 median family income for a family of four in Victoria is $52,080. You can find out if you qualify by visiting www.victoriatx.gov/cdbg.

Units will be priced based on a resident’s income:

Unit size

Number of units

Estimated monthly rent

1 bedroom, 1 bathroom

12

$312-813

2 bedrooms, 2 bathrooms

132

$379-1,023

3 bedrooms, 2 bathrooms

134

$441-1,185

4 bedrooms, 2 bathrooms

36

$489-1,318

 

City Manager Jesús A. Garza and Mayor Jeff Bauknight are working closely with City Council members and other city official to achieve this goal. In 2020, Victoria developed a detailed Housing Needs Assessment that recognizes specific housing needs in the city. It also outlines reasonable solutions to help meet the needs.

Housing Affordability Index results

According to the assessment, the Housing Affordability Index (HAI) in Victoria is disproportionately higher than the rate in the rest of Texas. Therefore, the need for affordable rental housing is a top priority for the city. During the development of Victoria’s community-driven 2035 Comprehensive Plan, residents also identified the expansion of entry-level and moderate-income housing option as a key goal for the city.

New apartments development coming to Victoria

New apartments development coming to Victoria; City Manager Jesús A. Garza

“The timing of this development is perfect,” Garza said. “This will be the City’s second affordable housing development in two years, and it will serve as a catalyst to help encourage additional economic development opportunities on the southside.”

Research date from the completed Housing Needs Assessment revealed that the city’s economy and housing supply are still suffering from the effects of Hurricane Harvey and the collapse of the Eagle Ford Shale. Rental costs have gone up by 24% in the past 10 years. Victoria’s housing market has created an unstable environment for first-time homebuyers and low to moderate income residents. For instance, 82.7% of households in Victoria would not qualify to buy a home with a required 20% down payment.

Southside communities remain vulnerable

Southside communities in Victoria are vulnerable to overcrowding and depressed living conditions due to the shortage of affordable housing. Rising rental costs, growing families and stagnant wages also contribute to those conditions. The City’s goal is to improve the quality of life for residents who call this area home. It also hopes to offer new and affordable housing options to an area that has been neglected for quite some time. The Odem Street Apartments development will keep moving the city’s strategic plan for Southside revitalization forward.

Mayor Jeff Bauknight is enthusiastic about the partnership between The NRP Group and the City of Victoria.

New apartments development coming to Victoria

New apartments development coming to Victoria; Mayor Jeff Bauknight

“We are excited to have this opportunity to utilize state and federal programs, in partnership with our trusted developers and our local housing finance corporation, to create a more livable city and to improve the lives of all of our residents,” Bauknight said.

New apartments development coming to Victoria – The NRP Group has developed an outstanding reputation

The NRP Group has built a dependable reputation for developing affordable workforce housing. The developments feature spacious floorpans and modern amenities for individuals and busy families who are looking to live within communities that offer both employment opportunities and safe neighborhoods.

The apartments development will provide these opportunities and more. It will create a busy neighborhood and become a destination for residents. It will also attract other developers and businesses to that area, creating a positive growth pattern that will thrive for many years to come.

You can contact Jason Arechiga, Senior Vice President of Development for The NRP Group at Jarechiga@nrpgroup.com for more information.