Red Oaks, developed by Housing Trust Group with partners AM Affordable Housing and Austin’s Thoman & Butler, is now leasing to income-qualifying residents with rents starting at $702
AUSTIN, Texas (March 18, 2026) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, along with AM Affordable Housing, the nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, and Austin-based Thoman & Butler, a premier local consulting firm serving as a Historically Underutilized Business (HUB), announce the completion and grand opening of Red Oaks, a new 70-unit, $26 million affordable housing community in the Anderson Mill neighborhood of Northwest Austin, Texas. It is the development team’s official debut in Texas, and and under-construction affordable communities in the Lone Star State.
An official ribbon-cutting ceremony held on Wednesday, March 18 brought together city leaders, community partners and development team members, including Jordan Tolman, COO of HTG, and Alonzo Mourning, founder of AM Affordable Housing; Alexis Garcia, Policy Advisor to Austin Mayor Kirk Watson; Krista Laine, Austin City Council Member (District 6); Cody Campbell, Director of Multifamily Programs, Texas Department of Housing & Community Affairs; and Mandy DeMayo, Deputy Director, Austin Housing.
Apartments at Red Oaks will be reserved for renter families earning 30%, 50% and 60% of local area median income (AMI), which was $94,000 for an individual and $134,000 for a family of four in 2025, according to HUD. Rents range from $702 for a studio to $2,008 for a three-bedroom apartment.
“Austin got a wave of new apartment supply, but that didn’t immediately translate into affordability for everyone,” said Matthew A. Rieger, President and CEO of HTG. “Teachers, artists, healthcare workers and service industry professionals still struggle to find quality, affordable housing options. Communities like Red Oaks, therefore, are vital to creating a more balanced and equitable market. We’re thrilled to be in Austin and excited about everything we have in the pipeline across Texas.”
“I’ve seen firsthand what it means to a family when they have a safe, stable, affordable place to call home – and I’ve seen what happens when they don’t,” added Mourning. “That’s why I got into this work, and that’s why Red Oaks matters. Big thanks to the City of Austin and the state for stepping up and making this happen.”
Miami-based Housing Trust Group is Florida’s largest developer of affordable housing, with a portfolio of over 7,000 affordable, workforce and market-rate apartments. HTG has two other affordable communities approaching completion in Texas: Inn Town Lofts in Lubbock and The Rushmore in Houston.
Located at 11723 N FM 620, Red Oaks is a three-story, garden-style building with 9 studio, 24 one-bedroom, 28 two-bedroom, and 9 three-bedroom apartments, ranging from 579 to 1,143 square feet. Apartments offer open floor plans and modern kitchens with stainless steel appliances and quartz countertops; vinyl plank flooring and walk-in closets; in-unit washer/dryer; and private covered terraces. Amenities include a resort-style swimming pool, state-of-the-art fitness center, playground and outdoor grilling area, dog park and pet grooming station, multipurpose clubroom, patio, package locker kiosk, ample parking and electric vehicle charging stations, secure bicycle storage, and on-site management with 24/7 emergency maintenance.
Positioned along the FM 620 corridor, Red Oaks places residents steps from everyday essentials, including CVS, Walgreens, 7‑Eleven, gas stations, and casual dining, and minutes from Lakeline Mall, H‑E‑B, nearby parks, transit access, and Round Rock ISD schools such as Purple Sage Elementary.
Funding sources for Red Oaks included $16 million in 9% Low-Income Housing Tax Credits (LIHTC) allocated by Texas Department of Housing and Community Affairs and syndicated through Raymond James; a construction loan of $15.6 million provided by Bank of America; a permanent loan of $7 million from Berkadia through Freddie Mac; and a $4 million RHDA subordinate loan provided by Austin Housing Finance Corporation.
The design and construction team for Red Oaks includes general contractor Waltz Construction, FK Architecture, civil engineer and landscape architect Kimley Horn, and interiors by Builders Design.
Asset Living, one of the nation’s largest and most experienced third‑party property management firms, is managing Red Oaks, and will provide residents with a robust suite of complimentary on‑site services such as career training and job placement partnerships, free income‑tax preparation, health fairs, social events, educational classes, and recreational activities throughout the year.
For more information call (737) 383‑0428 or visit www.redoaksapts.com.
