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New Affordable Housing Stock Coming to Kansas City, MO

January 17, 2024 – Kansas City, MO – Kittle Property Group, Inc. is bringing a brand-new affordable housing opportunity for 252 families or individuals in the Kansas City metro-area. The Depot Apartments will provide a housing option that fits the budget of a growing work force. Addressing the affordable housing gap is crucial in a city that lacks 64,000 affordable rental homes, according to the Mid-America Regional Council. The Depot will consist of 1-, 2-, 3- and 4-bedroom apartments, serving households of all sizes.

 

The Depot is a $60.7 million apartment community to be built on Kansas City’s South side. Located near Millennium Santa Fe Elementary and Hickman Mills Middle School, and a library branch, residents will enjoy this desirable and convenient location. This is a 31- acre site located within the East Bannister PIEA Planning Area, adjacent to the Three Trails System and a transportation hub.  The Depot brings value to the larger community by finally connect the walking trails that has long been missing a piece, with improvements to the city’s sidewalk system.

“Affordable housing stock is the key to maintaining stable, sustainable communities,” said Jeffrey Kittle, President & CEO of Kittle Property Group. “We are thrilled to expand the options in Kansas City.”

 

This community will have seven-buildings with several floor plan options ranging in size from 840 to 1,546 sq.ft. Each apartment home will include washer, dryer, master bedroom walk-in closets, attached balconies, full range kitchen appliances. Community amenities include a clubhouse, pool with entertainment area, playground, bark park, rentable garages and storage, and a bike storage room. Northwind is a pet-friendly community.

 

To develop The Depot, Kittle Property Group was awarded $24.4 million in federal tax credits, to be received over ten (10) year period, from the Missouri Housing Department Commission (MHDC). Include Tax Exempt Bond language? KeyBank also provided funding in the form of a $34.6 million loan. The community will provide an affordable housing option, and rent will be determined based on the Area Median Income (AMI) and the number of people in the household. The Depot will be ready to pre-lease this spring.

 

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About Kittle Property Group

With roots going back to 1948, Kittle Property Group is a national leader in bringing together community, financial and government partners with innovative plans to develop, construct and manage quality, affordable and market-rate multi-family apartment homes that serve as a catalyst to local economies by sustaining families, neighborhoods and businesses. Kittle Property Group owns and manages more than 18,000 apartment homes, providing homes to 30,000 family members in 16 states, and invested capital of more than $3 billion.

 

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Apartment Community to Bring Budget-Friendly Housing to Austin Residents

December 28, 2023 – AUSTIN, TX – Kittle Property Group, Inc. is bringing affordable housing opportunities to 240 families or individuals in the Austin metro-area. With the state’s most expensive housing market, the residents of Austin will benefit from a housing option that fits the budget of a growing work force that is in need of additional housing stock.

Northwind is a $70 million apartment community to be built on Austin’s Northeast side. Located next to Pioneer Crossing Elementary School and Pioneer Crossing Neighborhood Park, residents will enjoy this desirable and convenient location. Northwind Apartments will consist of 1-, 2-, 3- and 4-bedroom apartments, serving households of all sizes. “We are thrilled to bring brand new, desirable apartment homes to the Austin area,” said Jeffrey Kittle, President & CEO of Kittle Property Group. “We know the area is growing and that additional housing choices are needed to serve those living and working in the area.”

This community will have twelve residential buildings with several floor plan options ranging in size from 860 to 1,493 sq.ft. Each feature-rich apartment will include high-end finishes such as luxury vinyl plank and carpet, kitchen pantry and island, and energy star appliances Community amenities include a clubhouse with a fitness center, game room, craft room and leasing offices. Outside, residents will also enjoy a pool with a covered outdoor entertainment area, playground and bark park. Northwind is a pet-friendly community. In addition, full perimeter fencing and a gated entrance will keep this community secure for residents.

To develop Northwind, Kittle Property Group was awarded $3.5 million in federal tax credits from the Texas Department of Housing and Community Affairs (TDHCA). Truist also provided funding in the form of a $40.5 million loan. The community will provide an affordable housing option, and rent will be determined based on the Area Median Income (AMI) and the number of people in the household.

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About Kittle Property Group
With roots going back to 1948, Kittle Property Group is a national leader in bringing together community, financial and government partners with innovative plans to develop, construct and manage quality, affordable and market-rate multi-family apartment homes that serve as a catalyst to local economies by sustaining families, neighborhoods and businesses. Kittle Property Group owns and manages more than 18,000 apartment homes, providing homes to 30,000 family members in 18 states, and invested capital of more than $2.5 billion.

 

 

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The Promenade is Ready for Residents!

Promenade 8

We are extremely excited to announce that we have received our building certificate of occupancy for Building #1 at the Promenade Apartments in Beaumont, Texas!  This community is our 4th in Beaumont, joining Cypress Place, The Cottages at Old Dowlen and Laurel Vista, but this is our first to enter the workforce market rate housing market in this city outside of Houston. The 2nd and final building will be delivered to Property Management in March.  When completed, the community will have a total of 212 apartment homes.

Residents will enjoy the community’s fully functional clubhouse/ leasing office, pool restroom and maintenance building and resident package delivery center.  In their apartment homes, they will find stainless steel appliances, as well as the last minute additions of ceramic backsplashes and granite counter tops that are going in now in the kitchens. Other special features include 2 elevators in each building so residents can get to their apartment homes quickly, and the lake will have a dancing water fountain that changes colors.

Learn more about Promenade, Beaumont’s newest place to call home!

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Grand Opening in Winnie, Texas!

We celebrated the Grand Opening of Magnolia Station Apartments in Winnie, Texas recently! This beautiful community was developed in partnership with the Texas General Land Office (GLO) in response to the loss of housing stock after Hurricane Harvey devastated the region. Guests were able to tour the community and walk-through an apartment home. We had perfect weather to explore outdoor amenities like the bark park with an agility course!

Magnolia Station Apartments is an affordable new construction development consisting of 5 residential buildings and a clubhouse to be located in Winnie, TX. The project was awarded a $6.25 million Community Development Block Grant to aid in rebuilding much-needed housing in the aftermath of Hurricane Harvey which impacted the area in 2017. In addition, Merchants Bank of Indiana is providing a $3.5 million revolving loan facility to finance construction draws.

The property’s 44 units will serve households at a range of area median incomes (AMIs) – 5 units will be affordable to households at 30% AMI; 27 units will serve High HOME-eligible households (approximately 60% AMI); and 12 units will be market-rate units with no income restrictions. The community will have a leasing office/clubhouse with a business center, equipped fitness center, community room, and playground.

We are excited for our residents to make a fresh start with us at Magnolia Station!

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Florida Portfolio Expansion!

Swiftwater 3

We are expanding our portfolio in the beautiful state of Florida! Our newest community, Swiftwater, will be located in Port Charlotte. It will consist of 288 one, two, and three bedroom apartment homes encompassing 12 buildings and one club house serving the workforce housing market.  The apartments will offer upgraded finishes such as pantries, screen porches. USB outlets and garden tubs for residents to enjoy. The clubhouse includes a fitness center, community room, and a business center with Wi-Fi, in addition to the leasing office. Outdoor amenities will include an entertainment area, dog park, bike racks, grilling area, hammock garden, fire pit, and corn hole turf. A large pool with a Baja shelf and a covered lounge area will also be offered.

Swiftwater will be part of the Westport community which has a newly built aquatic center, Centennial Park, and numerous interconnected walking paths. We are in an ideal location, between two thoroughfares, HWY 41 and Veterans BLVD, and near the Port Charlotte Town Center. Additionally, Port Charlotte has a strong need for new apartment homes and we are thrilled to bring our product to the market.

The financing portion includes a construction/perm loan from Aegon and preferred equity from Parse Capital. It’s exciting to see our workforce housing/market rate portfolio grow!

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2020 Rankings

We are thrilled to have made AHF’s Top 10 Affordable Housing Developers of 2020! It’s takes our whole team working together to make this happen!

Our 2020 Rankings:

 

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Welcome to the Tar Heel State!!

Kittle Property Group has completed the entitlement and closing process for Spire Apartments in Charlotte, NC! We closed on the land for this community in December, and this additional work since December has allowed us to close with our capital partner, Protective Life Insurance Company. Spire is our first property in North Carolina.

The community sits on a 17-acre parcel of ground that is located in the red-hot University City submarket of Charlotte, North Carolina, where we will be delivering 288 apartment homes targeting the workforce in the area. The community will encompass a number of 1, 2 and 3 bedroom apartments featuring high-end finishes such as stainless steel appliances, granite counter tops, wood flooring and a luxurious club house surrounded by a tranquil wooded setting. Community amenities include a business center, fitness facility, picturesque pool with outdoor grills, hammock garden, pet spa and park.

Our construction team is ready to start building immediately! I look forward to watching it progress over the coming months!

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2019 Rankings

We are so proud to have made AHF’s Top 10 Affordable Housing Developers of 2019!

Our 2019 Rankings:

 

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Two New Texas Properties- One Will Serve Area Devastated By Harvey

By the end of 2019, HKP closed on 2 new properties in Texas- Laurel Vista and Magnolia Station! Adding these properties to our Texas portfolio brings us to 12 communities and 1,066 units in the Lone Star State! This gives us our second largest footprint, behind Indiana, of all the states we work in.

Magnolia Station Apartments is an affordable new construction development consisting of 5 residential buildings and a clubhouse to be located in Winnie, TX. The project was awarded a $6.25 million Community Development Block Grant to aid in rebuilding much-needed housing in the aftermath of Hurricane Harvey which impacted the area in 2017. In addition, Merchants Bank of Indiana is providing a $3.5 million revolving loan facility to finance construction draws.

The property’s 44 units will serve households at a range of area median incomes (AMIs) – 5 units will be affordable to households at 30% AMI; 27 units will serve High HOME-eligible households (approximately 60% AMI); and 12 units will be market-rate units with no income restrictions. The community will have a leasing office/clubhouse with a business center, equipped fitness center, community room, and playground.

We also closed Laurel Vista Apartments in Beaumont, Texas. This is a 9% project that will consist of 60 tax credit and 9 market rate units. The development will be new construction designed for seniors and consist of one 4-story building with an elevator. The building will contain 32 one bedroom and 37 two bedroom units. Planned amenities include a leasing office, a community/game room with a kitchen, an exercise room, a business/computer room, and a library. This will be HKP’s third new construction development in Beaumont, TX in the last 5 years.

The financing arrangement includes equity and a construction/bridge loan from one of our favorite partners – Regions Bank.

A lot of time and hard work goes into getting a deal across the finish line. Fortunately, we have dedicated team members and partners who believe in what they do. We are excited to bring these communities to the residents of Texas and further our mission of creating value through real estate!

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Living Our Values- Establishing a Community Reinvestment Area (CRA) in Columbus, Ohio

Just recently one of our team members had an excellent example of how we are creating value through real estate – the newly established Community Reinvestment Area (CRA) surrounding our Riverside Trail property in Columbus, Ohio! Riverside Trail will have 248 apartment homes on the East side of Columbus, and will serve 60% AMI families. We closed on it in March and construction is in progress.

The CRA
When Caroline Kimmel was in the development process for Riverside, she realized that the area would benefit from being declared a Community Reinvestment Area. Doing so would allow all newly constructed affordable housing (and rehabbed housing with an affordable component) to be allowed a 15 year tax abatement. This would not only benefit Riverside, it would hopefully spur other developers to work in the area, as they would also receive the abatement. Affordable housing is badly needed in the area- a recent study identified that Franklin County (Columbus) as having a shortage of 55,000 affordable units based on projected growth over the next five years.

After identifying the solution, Caroline worked with Ice Miller, a law firm, Councilwoman Shayla Favor, and Steve Shoeny, Director- Columbus Development Department, to craft legislation that would declare the area a CRA, thus making the area more desirable for revitalization efforts! This CRA is the first for affordable housing in the City of Columbus, and HKP is the first developer to create a new CRA under the “ready for revitalization” category. For more information on the CRA, you can read this article.

Our Values
This effort took Caroline, Ice Miller, and Steve Schoeny from the City of Columbus about 7 months to accomplish, and it was certainly time well spent. While HKP did not need the CRA in order to develop Riverside Trail, we appreciate Caroline’s ability to see the big picture in a solution that would benefit both the company and the community we will be working in! Her efforts exemplified our Culture, Community and Commitment values, and will provide value to the community for years to come (15 to be exact)!

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