HOUSTON, TX – Palladium USA has opened its new $35 million multifamily housing development, Palladium Houston Ella, located in northeast Houston. The development is a public-private partnership with the Harris County Housing Finance Corporation, with $4.3 million in federal ARPA funds awarded by the Harris County Housing & Community Development Department.
(Photo Courtesy of Palladium USA International, Inc.)
The complex includes 146 mixed-income units, with 115 designated as affordable housing for households earning between 30% and 80% of the Area Median Income, and 31 units offered at market rate. The three-story property, located on seven acres, offers one-, two-, and three-bedroom floor plans. Units include nine-foot ceilings, hard floor surfaces, dual sinks in the primary bath, and balconies or terraces.
Amenities include a resort-style swimming pool, fitness center, conference center, computer lounge, dog park, kids’ playroom, and clubroom with upgraded appliances and granite countertops.
Palladium Houston Ella was fully leased two months prior to opening. Officials say the strong demand reflects the growing housing affordability crisis in the region.
Rene Martinez, Executive Director of the HCHFC, said the county needs more than 20,000 new affordable housing units per year to meet demand, citing a study by Rice University’s Kinder Institute. He noted that this development is the second of 18 projects the agency is supporting across the county.
Tom Huth, President and CEO of Palladium USA, said the project represents one of the fastest lease-ups in the company’s history. He credited the success to the partnership with Harris County and emphasized Palladium’s commitment to long-term property operations.
Thao Costis, Executive Director of Harris County Housing & Community Development, said the project supports the county’s mission to create safe and stable homes that foster opportunity and growth.
This is the HCHFC’s first general partnership and first tax-exempt development. The project is secured under a 99-year ground lease to ensure long-term affordability. Additional financing included $18 million of equity from Regions Bank and $20 million in housing tax credits from the Texas Department of Housing and Community Affairs. HEDK Architects designed the project, and Brownstone Construction served as general contractor in partnership with HCHFC.
