Midway to add workforce housing to 4th Ward multifamily
Conversion is part of firm’s MPact initiative to increase affordable housing
A local real estate company plans to bring workforce housing to a multifamily development near downtown Houston.
Midway bought Marquis Lofts on Sabine through a joint venture with Los Angeles-based Arc Capital Partners for an undisclosed amount, the Houston Business Journal reported. The 198-unit complex is located at 150 Sabine Street in the Fourth Ward.
The Sabine Street Lofts, just outside downtown, were developed by the Hanover Co. in 2001. The property has one- and two-bedroom units averaging 1,000 square feet. The units have 10-foot ceilings, in-unit laundry, concrete and wood flooring and private balconies/patios. The property also has gated entrances, access to the Buffalo Bayou trail system, a fitness center, two swimming pools, outdoor fireplaces, sundecks and pet-friendly areas.
Midway said it plans to renovate the common areas and convert some of the units into workforce housing as part of the company’s MPact initiative. The program’s goal is to “support those who are making a difference in our communities.” The units will be for residents earning no more than 80 percent of the area median income, which is just over $44,000 a year for a single person.
“We are particularly proud to introduce our new MPact offering that will expand the opportunity for hardworking Houstonians to live in this desirable community,” Bo Sanford, executive vice president and chief risk officer for Midway, told the outlet.
“Through MPact, Midway celebrates and supports the organizations and individuals doing great things for the communities in which we operate.”
Midway previously implemented its MPact program at developments the firm owns including Braeburn Village at 7500 Bissonnet Street, Villa Del Prado at 9313 Tallyho Road, and The Laura, which is scheduled to open in the company’s East River development next year.
— Victoria Pruitt