Palladium USA Opens $58 Million Affordable Housing Community in Fort Worth
TL;DR
Palladium USA's new 240-home community demonstrates strategic partnerships with city and financial institutions to create affordable housing development opportunities.
Palladium Oak Grove comprises 240 apartments across one-, two-, and three-bedroom units totaling 214,837 square feet on 9.846 acres with $58 million in development funding.
This affordable housing community provides quality homes for households earning 30-80% of area median income, improving housing accessibility and neighborhood stability in Fort Worth.
The grand opening featured resident testimonials, prize drawings, and guided tours of the new 240-home community developed through public-private partnerships totaling $58 million.
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Palladium USA celebrated the grand opening of Palladium Oak Grove, a 240-home apartment community located at 932 Oak Grove Road in Fort Worth. The event featured remarks from city and county leaders, a ribbon-cutting ceremony, resident testimonials, guided tours, and refreshments, along with resident prize drawings during the festivities.
The $58 million development provides high-quality rental homes serving households at 30 to 80 percent of area median income (AMI), addressing a critical need for attainable housing in the growing Fort Worth market. The community offers one-, two-, and three-bedroom homes containing 751, 950, and 1,154 square feet respectively, totaling 214,837 net rentable square feet across approximately 9.846 acres.
Funding for the project came through a collaborative public-private partnership structure. The Texas Department of Housing and Community Affairs issued $26 million in tax-exempt bonds purchased by Cedar Rapids Bank & Trust, while PNC Bank invested $23 million in tax-credit equity. The City of Fort Worth contributed $1,200,000 in subordinate funding, demonstrating municipal commitment to affordable housing development. The Fort Worth Housing Finance Corporation served as general partner, with Treymore Construction acting as general contractor in partnership with the housing finance corporation.
Tom Huth, President and CEO of Palladium USA, expressed enthusiasm about the project's completion, stating the community advances the company's mission to deliver high-quality, attainable housing for households at 30% to 80% of area median income. He acknowledged the collaborative effort involving TDHCA, the Fort Worth Housing Finance Corporation, the City of Fort Worth, PNC Bank, and Cedar Rapids Bank & Trust.
Fort Worth City Councilmember Elizabeth Beck of District 9 emphasized the city's commitment to affordable housing investment, noting appreciation for Palladium USA as a partner in this mission. The development represents a significant step in addressing housing affordability challenges in one of Texas's fastest-growing metropolitan areas.
The opening of Palladium Oak Grove comes as part of Palladium USA's broader development activity, with the company having closed three multifamily developments containing 548 apartment homes year-to-date in 2025. Two additional developments are planned to close within the next 45 days, and the company currently has ten properties under construction containing over 2,100 apartment homes. More information about the company's approach to community development is available at https://palladiumusa.com.
The development's impact extends beyond providing housing units, contributing to neighborhood stability and economic diversity in Fort Worth. By serving households across a broad income spectrum, Palladium Oak Grove helps maintain mixed-income communities while providing quality housing options for essential workers, service industry employees, and others who might otherwise struggle to find suitable housing in the competitive Fort Worth rental market.
Curated from 24-7 Press Release
