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The Acquisition and Rehab of Murdeaux Villas Apartment in Dallas, TX
Thursday, March 3, 2022 at 4:28 PM
We are so excited to announce the acquisition of Murdeaux Villas Apartments by Trinity Housing Development. After rehabilitation, Murdeaux Villas will be renamed The River Trail Apartment Community.
Murdeaux Villas Apartment is an existing affordable housing development in its 16th year of its Land Use Restriction Agreement that was in jeopardy of being foreclosed. On April 21, 2021, with the allocation of the 4% credits and tax-exempt bonds through the Texas Department of Housing Community Affairs, Trinity Housing Development with JV Partner Garland Housing Finance Corporation was able to acquire the community and approve a 26.1-million-dollar capital investment to provide a modern touch to affordable living in the southern sector of the City of Dallas, Texas. This property was purchased from Jay Oji and Joseph Agumadu, who tell the story of bibles being buried under all 14 buildings during initial construction in 2004 and believe this is a blessed community.
The mixed development acquired is a 240-unit development with 2 and 3 story buildings. Under the new plan for the community Trinity Housing, having envisioned a variety of selections that met the needs of all family types, a decision was made to increase the unit count from 240 to 301. Three- and Four-bedroom units historically became non – essential and with the need for more one bedrooms and efficiencies, we are taking 40 existing three-bedroom units and 22 existing 4 bedrooms units to reconfigure into 40 efficiency and 82 one-bedroom units. The building footprints will not change consistent with the modification of the units. This opens to door to serve our veterans and other single-family entities that have never had the opportunity in our sector to find affordable living above standards.
With the envision of providing a modern appeal to an affordable community, some of the new additions and features include a community fitness center, free Wi-Fi in common areas, mail center with Amazon and Fed Ex lock boxes, upgraded sports court with ADA accessible requirements, new Water Splash Park, a new dog park, and enhanced security cameras throughout the community. Other features include large floorplans with all wood flooring, stainless steel appliances including washers and dryers in each unit, new carports, new leasing office, full exterior and Interior painting updates, new LED lighting to enhance the lighting appeal, a new sports court, HVAC systems with high SEER rating, enhanced bathroom upgrades, new garage doors with advanced door openers, new roofing and gutter systems for all 14 buildings and garages, and modern amenity packages allowing residents paid cable and internet.
We are so excited to launch off the rehabilitation project, as Phase I of III has started and our goal is to lease up our community at 100% by the end of 2022 and total rehabilitation completed by mid-2023. We see River Trail, the proposed name for the newly renovated Murdeaux Villas after completion, as the next option to owning your own home. No one can compete with our pricing, the size of our floorplans, and the excellent amenities that we are bringing. Murdeaux Villas looks great today, but River Trail will be the standard for tomorrow.
Affordable housing is essential and with the acquisition of Murdeaux, Trinity Housing Development continues a legacy of providing economically sustainable, safe, and modernized housing in a less developed sector in the city of Dallas.
Phase 1 Renovation – August 2021
Update March 2022:
- Roofing of all 15 buildings
- Complete frame modification for all 1st floor unit conversion of 1-bedroom and studio units.
- Complete plumbing modification for all 1st floor units of 1-bedroom and studio units.
- Removed all brick to create the exterior entries for all studio units and began process of framing.
- Began assessment of window repairs and glass replacement for entire Phase 1 (Buildings 5, 6, 7, 8, 10 and 12).