Palladium Group Opens $33M Mixed-Income Multifamily Community in Western Harris County

HOUSTON, Texas — Palladium Group hosted a grand opening celebration May 13 for Palladium Park Row Katy Living, a $33 million mixed-income multifamily community in the Katy area of western Harris County. Project partners, community leaders, and residents gathered to mark the opening of the three-story, 93-unit property, which includes both affordable and market-rate apartment homes.

Project Overview and Unit Mix

Located on 3.2 acres, Palladium Park Row Katy Living offers one-, two-, and three-bedroom floor plans. Of the 93 total units, 58 are income-restricted and 35 are market-rate. The affordable units are distributed across multiple income tiers: six units for households earning 30% or less of the Area Median Income (AMI), 24 units at 50% AMI or below, 22 units at 60% AMI or below, five units at 70% AMI or below, and one unit at 80% AMI or below.

Unit finishes include granite countertops, 42-inch cabinetry, hard-surface flooring, designer lighting packages, large closets, and private balconies. Community amenities include a resort-style swimming pool, fitness center, business center, dog park, children's playroom, sports court, grilling areas, EV charging stations, and a resident clubhouse.

The property reached full occupancy in less than three months following opening, according to Palladium USA.

Financing Structure

Palladium Park Row Katy Living was financed through a layered public-private capital stack. Harris County provided $5 million in U.S. Treasury American Rescue Plan Act (ARPA) funding. The Texas Department of Housing and Community Affairs (TDHCA) provided $15 million in 9% Low-Income Housing Tax Credits (LIHTCs). PNC provided $13.3 million in tax credit equity and more than $12 million in long-term debt.

The project is structured as a public-private partnership with the Harris County Housing Finance Corporation (HCHFC), which is authorized to issue debt in support of affordable multifamily housing projects for low- and moderate-income residents across Harris County.

"Today we are thrilled to celebrate with our residents at the grand opening of Palladium Park Row Katy Living," said Kim Parker, Executive Director Development for Palladium USA. "With one of the fastest lease-ups in our company's history, Palladium Park Row Katy Living delivers 93 high-quality, attainable homes with modern amenities for individuals and families in the Katy area. We thank Harris County, the Harris County Housing Finance Corporation, our partners, our residents, and our on-site team, and we remain committed to strong property operations and long-term stewardship."

Public Partners and Community Development Goals

The project drew support from multiple public agencies focused on expanding housing access in Harris County. Rene Martinez, Executive Director of HCHFC, said the corporation is working to deliver thousands of new affordable housing units to the market. "We are helping to deliver thousands of new affordable housing units to the market, giving homes and hope to people who need it the most," Martinez said.

Thao Costis, Executive Director of Harris County Housing & Community Development, also commented on the project's role in the county's broader housing strategy. "Park Row Katy serves as a vital cornerstone of our commitment to Harris County residents, ensuring these homes stay affordable so families can focus on their futures and really thrive within their communities," Costis said.

Resident Leshaun James described the experience at the property: "Living at Palladium Park Row Katy Living has truly been one of the best living experiences I've ever had. From the moment I moved in, the staff made me feel welcomed, comfortable, and at home. The business center has been extremely useful with the computers and printers, and the gym has wonderful equipment that really helps residents take care of their health and wellness. What stands out to me the most is the food pantry they provide for residents. This place genuinely feels like home, and I'm truly grateful to be a resident here."

Palladium USA's Texas Development Pipeline

The Katy opening is part of a broader development push by Palladium USA across Texas. The firm currently has 10 multifamily communities under construction statewide, representing approximately $618 million in development value and more than 2,200 apartment homes. Active markets include Mesquite, McKinney, Fort Worth, San Antonio, Houston, and Dallas.

The Palladium Park Row Katy Living project was developed by Palladium USA in partnership with the Harris County Housing Finance Corporation, designed by HEDK Architects, and built by The Brownstone Group.