FTK Awarded $14MM+ Contract for Rehabilitation of Coolwood Oaks Apartments in Houston
FTK, a full-service, nationwide General Contractor specializing in Low-Income Housing Tax Credit (LIHTC) rehabilitation projects, is pleased to announce it has been awarded a contract valued at more than $14 million for the comprehensive rehabilitation of Coolwood Oaks Apartments in Houston, Texas. This significant project further reinforces FTK’s growing presence in the affordable housing sector and its continued commitment to preserving and enhancing high-quality housing communities across the United States.
The Coolwood Oaks Apartments rehabilitation represents another milestone in FTK’s portfolio of LIHTC projects, combining extensive property upgrades, modern amenities, and energy-efficient improvements designed to enhance resident quality of life while extending the long-term viability of the community.
Project Overview: Coolwood Oaks Apartments
Originally constructed in 1984, Coolwood Oaks Apartments is a well-established multifamily community offering one-, two-, and three-bedroom apartment homes. The property consists of 168 apartment units distributed across 10 residential buildings, situated in a prime Houston location that provides residents with access to essential services, employment centers, and transportation corridors.
As part of this rehabilitation initiative, FTK will oversee a full-scale transformation of both the interior and exterior components of the property. The project is scheduled to be completed within an estimated 15-month timeframe, with careful planning to minimize resident disruption while delivering meaningful upgrades.
Ownership, Design, and Project Partners
Coolwood Oaks Apartments is owned by Fairstead, a nationally recognized, vertically integrated real estate company headquartered in New York. Fairstead owns and operates more than 27,000 apartment units nationwide, with a strong focus on affordable housing preservation, development, and long-term community investment.
The architectural design for the rehabilitation is led by DNA Workshop, a firm specializing in affordable housing design solutions that balance functionality, durability, and modern aesthetics.
Project financing is supported by a consortium of respected institutions, including:
- PNC Bank
- Houston Housing Finance Corporation
- Texas Department of Housing and Community Affairs (TDHCA)
Together, these partners play a critical role in ensuring the project aligns with LIHTC requirements while supporting the long-term sustainability of the property.
Scope of Exterior Renovations
FTK’s scope of work includes extensive exterior improvements aimed at improving safety, accessibility, durability, and curb appeal. Planned exterior upgrades include:
- Installation of new roofing systems
- Siding replacement and repairs
- New energy-efficient windows
- Upgraded exterior lighting for enhanced safety and visibility
- Concrete modifications to improve accessible routes throughout the property
These improvements are designed to not only modernize the appearance of the community but also improve overall building performance and accessibility for residents.
Interior Unit Upgrades and Modernization
Interior renovations at Coolwood Oaks Apartments will be comprehensive, ensuring that each apartment home meets modern living standards while maintaining affordability. Planned interior upgrades include:
- Fresh interior paint throughout all units
- New kitchen and bathroom cabinetry
- Upgraded countertops, including quartz countertops in kitchens
- Installation of new appliances
- Replacement of interior doors
- Plumbing and electrical system upgrades
Kitchen improvements will feature new appliances, cabinets, quartz countertops, and tile backsplashes, creating updated and functional spaces for residents. Bathrooms will receive new vanities, plumbing fixtures, and finishes, while new flooring will be installed throughout each unit to improve durability and aesthetics.
Common Area Enhancements and Amenities
In addition to unit-level upgrades, FTK will complete renovations across all shared and community spaces. These improvements are designed to foster community engagement and enhance resident experience. Renovations include:
- Upgrades to the Leasing and Management Offices
- Renovation of the Community Room and Computer Room
- Improvements to additional common-use spaces
New amenities will also be introduced, including the addition of a pickleball court and a ping pong table area, providing residents with recreational options that promote health, social interaction, and community well-being.
Energy Efficiency and Site Improvements
Sustainability and operational efficiency are key components of the rehabilitation plan. Additional site-wide improvements include:
- Installation of energy-efficient LED lighting
- Perimeter fencing repairs to enhance security
- Other energy-saving enhancements designed to reduce long-term operating costs and environmental impact
These upgrades support Fairstead’s and FTK’s shared commitment to responsible development and long-term asset performance.
Leadership Perspectives
Jim Goodman, CEO of FTK, emphasized the importance of the partnership and the project’s broader impact:
This is our second LIHTC project with the Fairstead team, and we’re very happy to continue building our partnership with them. They have proven to be excellent professionals to work with, aligning well not only with our goal of supporting more affordable housing across the U.S., but also with our philosophy of putting together The Right Team, at the Right Time, with the Right Technology.
Robert Barnard, Senior Director of Development at Fairstead, echoed this sentiment:
We are proud to partner with FTK on the rehabilitation of Coolwood Oaks and look forward to the positive impact this investment will have. This effort highlights Fairstead’s commitment to long-term partnerships focused on expanding access to affordable housing.
Advancing Affordable Housing Through Collaboration
The rehabilitation of Coolwood Oaks Apartments reflects a shared vision among FTK, Fairstead, and project partners to preserve and enhance affordable housing communities. By combining thoughtful design, high-quality construction, and strong financial backing, the project aims to deliver lasting benefits for residents while supporting Houston’s broader affordable housing needs.
Upon completion, Coolwood Oaks Apartments will offer modernized homes, upgraded amenities, and improved accessibility—ensuring the community remains a safe, welcoming, and sustainable place to live for years to come.
About FTK Construction Services
FTK Construction Services is a nationwide full-service General Contractor, with three divisions of Multifamily expertise: Affordable Housing/Low-Income Housing Tax Credit (LIHTC) preservation projects, Multifamily Renovations and Disaster Services/Insurance related property damage restoration projects. FTK has completed or in-process projects in 36 states to date and has completed/contracted over 7,500 rehabbed units. To learn more, visit our website at ftkconstructionservices.com, and follow us on LinkedIn and Instagram.
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