GVD Company has successfully secured $8 million in equity funding for the development of a multi-unit apartment complex in Gainesville, Texas. The town is located an hour north of the DFW metroplex and just south of the Oklahoma state line, within the Texoma region.
In addition to this equity contribution, financing for the project will also be provided through a U.S. Department of Housing and Urban Development 221(d)(4) loan. This program aims to promote affordable housing options by supporting construction or renovation projects for single-room apartments.
The planned property will feature various amenities such as a gated entrance, resort-style pool, dog parks, barbecue pits, pavilions,and detached garages/storage units with covered parking spaces.
According to recent news from Dallas Business Journal,Texoma continues to offer more affordable living compared to DFW but is experiencing growth with new developments like semiconductor plants in Sherman and residential communities like Preston Harbor. Overall,this makes it an attractive location for our upcoming 222-unit apartment complex project.
