City Officials join with LDG Development to celebrate the opening of apartment homes
(Houston, TX)— Officials from the City of Houston joined with representatives of LDG Development to celebrate the opening of Villas of Colt Run. Located in the Settegast area, the 138 unit development offers 1, 2 and 3 bedroom apartment homes to families residing within this historic neighborhood and represents an $18 million investment into this community. “This project took a blighted site and transformed it into quality affordable housing,” said Neal Rackleff, director of Housing and Community Development for the City of Houston. “The fact that this property is completely leased six months after opening indicates the demand and need for affordable housing options within this area.
This project is an example of what can happen when the public and private sectors join forces to address a need within our city.” Villas of Colt Run offers a number of amenities to its residents including a swimming pool, fitness center, a play ground and high speed and wireless internet access. To improve efficiency, the space and water are heated using natural gas. The development opened in March and was completely leased by August. According to Chris Dischinger, one of the founders and owners of LDG, Villas of Colt Run reflects the company’s commitment to providing quality properties to the communities and residents it serves. “LDG was founded on the belief that everyone deserves a quality place to live,” said Dischinger. “It is clear that the City of Houston shares this value and is helping to lead the way in addressing the growing need for more affordable housing options in cities across the country.”
Villas of Colt Run is located on a site that previously housed a partially completed apartment building that had been abandoned for several years. Funding for the project includes $3 million from the city’s HOME FUND as well as private investment from First Sterling Capital and Citi Bank. Councilman Jerry Davis, who serves as the council representative for the development, believes the project demonstrates how cities can leverage funds to attract investment into communities and lead the way in transforming a neighborhood. “Villas of Colt Run is another example of the growth and revitalization that is taking place within Settegast, “said Davis. “It is projects like this that will help to strengthen this community and help to make it a great place to live, work and play.”
LDG is one of the largest developers in the country. With thousands of units located in multiple states, the company is headquartered in Louisville, Kentucky and has regional offices in Austin, Texas. Dischinger believes that partnerships and innovation the City of Houston’s Housing and Community Development Department has created offers lessons for other cities. “As a national leader in developing affordable housing solutions for working families, I understand that the need for more options continues to grow,” said Dischinger. “The City of Houston continues to lead the nation in addressing this need, while creating an environment that encourages investment from the private sector. The result of these efforts is a stronger community for all Houstonians.”