1. Palm Tree Apartments
New Multi Family
New small commercial
Six Points Urban Village Boundary
The Palm Tree
Apartments

2. A Project with many goals….
•Reduce homelessness
•Address neighbor concerns with “vagrancy”
•Support urban village revitalization
•Get past NIMBY and low income housing
antipathy
•Address problem properties
•Do it cost effectively in our lifetime
…..How do we do all this?....

3. Managing Diverse Perspectives in Gentrifying Community
Owner
• Cost
Control
• Mission
Residents
• Sustain
housing
• Quality of
life
Palm Tree Neighbors
City
Investors
$$$$$$
Property
Values
$$$$$
$$$$$$
Attract
Capital
$$$$$
Ending Homelessness
$$$
Cut
Cost
$$$

4. Mission: Palm Tree Apartments
• To provide safe, clean,
attractive, supportive, and
well-managed permanent
housing for those who
have the most difficulty
finding and maintaining
housing.

5. Palm Tree Apartments Partnership
Paulos Foundation/PF Residential LLC
Physical Capital/Case Management Financing/Overall Management
QuadCo
Property Management
Fort Worth Housing Authority
Project Based Vouchers
Subsidies for Occupancy/Operating Expense
DRC Solutions
On-site Case Management

6. What’s makes this model work?
RelationshipsTarget
Community
Problem
No Debt
No Gov’t Capital
No Rezoning
Improve bad
property
On-site
Support
Housing
First

7. Results So Far – Five Months Occupancy
• 1955 Building – Victim of Disinvestment
• Deteriorated Roof, HVAC, Electrical, Plumbing, Structural, Code violations
• “All in” cost: $1.4M; $90/sft; $56k/unit; Rehab cost: $45/sft; $29k/unit
• Eight months from closing to move in
• Occupancy
• Median rent $620, median sft 450
• Cash flow, net income positive at second month
• Community Impact:
• Welcome participant in Scenic Bluff NA meetings and activities
• Crimes against persons and property below city-wide rates
• Crimes against property down 23% from 2015
• Drugs/Narcotics violations down 38% from 2015
• Disorderly Conduct down 60% from 2015
• 28 Residents
• 80% recruited from unsheltered situations
• 60% over age 50, 75% with chronic illness
• One eviction for lease violation
• Median resident rent contribution $210
• Residents with no income contribute to maintenance