Fallbrook Ranch is an existing 196-unit affordable multifamily community located in Houston, Texas. Located on 13.81 acres of land, the project consists of 16, garden and townhome-style apartment buildings with a swimming pool, leasing office, community room, playground, and 48 detached garage units. The community contains two-bedroom and three-bedroom units. Fallbrook Ranch is a mixed-income community with 156 of the units designated as affordable to a combination of 30%, 40%, 50% and 60% AMI levels. The remaining 40 units are market rate. Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $11,300,000 with a 35-year term at a fixed interest rate.
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