TWG (www.twgdev.com), a national real estate development company specializing in commercial, market rate, affordable and senior housing developments, today announces that construction has begun on Fairground Flats, a $47 million multifamily project coming to Oklahoma City.
Fairground Flats will be a 216-unit, affordable housing community that will feature five one-bedroom, 121 two-bedroom, and 90 three-bedroom units, all offered to residents making at or below 60% of the area median income (AMI). The six-building apartment complex will be located at 2820 General Pershing Blvd., just east of the Oklahoma City fairgrounds to help Oklahoma City overcome the lack of affordable housing.
Fairground Flats will be an energy-efficient community that will feature Energy Star appliances, LED lighting and programmable thermostats, as well as amenities such as an indoor fitness center, pool, playground and a clubhouse with onsite computer workstations and internet access. Units will have a ceiling fan in each bedroom and living room, a dishwasher and more.
“We are thrilled that we get to continue to combat the affordable housing crisis, specifically in Oklahoma City, with the construction of Fairground Flats,” said Ryan Kelly, Vice President of Tax Credit Development. “This new housing community is just minutes from downtown Oklahoma City and will keep residents connected with the community around them, all while providing support for those individuals and families with greater needs.”
“The addition of Fairground Flats offers a much-needed affordable housing option to Oklahoma City residents,” said Holley Mangham, OHFA communications manager. “Oklahoma Housing Finance Agency contributed $33.6 million in tax-exempt bonds and $2.4 million in housing tax credits to make this development possible.”
This project marks TWG’s second project in the state of Oklahoma, following Hillcrest Green Apartments, a residential community that is owned and managed by TWG. Additionally, TWG has been awarded $2MM in funds from the City of Oklahoma City GOLT Bond Fund which was instrumental in making this project a reality. Fairground Flats utilizes low-income housing tax credits (LIHTC), and is TWG’s first 4% LIHTC new construction project in Oklahoma.
“The lack of affordable housing is a critical issue that impacts many of our residents,” said Joanna McSpadden, the Economic Development Program Manager of Oklahoma City. “Projects like Fairground Flats will help address this issue firsthand. The City of Oklahoma City is excited to be a part of the project and welcomes the investment in our city.”
Fairground Flats is made possible with the support of the Oklahoma Housing Finance Agency, Citibank, Bank of Oklahoma (BOK Financial), Raymond James and the Oklahoma City Economic Development. Construction of Fairground Flats is expected to be completed in early 2024.
To learn more about TWG and its properties, please visit www.twgdev.com or follow them on LinkedIn, Facebook, Twitter and Instagram.