Location: Midland, Texas
Owner: THF Palladium Midland
Palladium Midland Apartments is a 264-unit multifamily development located in Midland, Texas that opened in 2016. TSAHC issued $24.7 million in tax-exempt bonds to finance the construction. The project serves TSAHC’s objective to provide affordable housing in smaller urban areas.
Since 2000, the City of Midland’s population increased by more than 25% to 120,000 at the end of 2013. While home builders and apartment developers have worked to keep pace with the rapid growth, total housing units have only increased by 17%. This caused market rents in the Midland area to increase more than 20% since 2011.
Rents for Palladium units range from $700 to $1000 for the one-, two-, and three-bedroom units, and 78% of the units are reserved four households earning up to 80% area median income. The rents are significantly lower than market rents which are approximately $1,100 to $1,500 for the same unit type.
Amenities at Palladium include controlled access gates, a large fitness center, sport court, conference room, clubhouse, playground, large pool, high-speed Internet access, a business center, and a gazebo with covered grilling stations.