Palladium USA celebrated the grand opening of Palladium Oak Grove, a $58 million apartment community in Fort Worth, Texas, located at 932 Oak Grove Road. The event featured remarks from city and county leaders, a ribbon-cutting ceremony, resident testimonials, guided tours, and refreshments. The community provides 240 high-quality rental homes for households earning 30 to 80 percent of area median income (AMI), with one-, two-, and three-bedroom floor plans ranging from 751 to 1,154 square feet. The development spans 9.846 acres and totals 214,837 net rentable square feet.
The financing for Palladium Oak Grove included $26 million in tax-exempt bonds issued by the Texas Department of Housing and Community Affairs (TDHCA) and purchased by Cedar Rapids Bank & Trust, $23 million in tax-credit equity from PNC Bank, and $1.2 million in subordinate funding from the City of Fort Worth. The Fort Worth Housing Finance Corporation serves as the general partner, with Treymore Construction as the general contractor. This public-private partnership underscores the collaborative effort needed to address affordable housing shortages in growing urban areas.
Tom Huth, President and CEO of Palladium USA, stated, 'Today we are thrilled to celebrate with our residents at the grand opening of Palladium Oak Grove. This 240-home community in Fort Worth advances our mission to deliver high-quality, attainable housing for households at 30% to 80% of area median income. We are grateful to TDHCA, the Fort Worth Housing Finance Corporation, the City of Fort Worth, PNC Bank, and Cedar Rapids Bank & Trust for their partnership.' Fort Worth City Councilmember Elizabeth Beck (District 9) added, 'Investment in high-quality, affordable housing is a priority for the City of Fort Worth. I appreciate having a partner in that mission with Palladium.'
The opening of Palladium Oak Grove is significant as it directly addresses the critical shortage of affordable housing in Fort Worth, a city experiencing rapid population growth. According to the National Low Income Housing Coalition, Texas faces a deficit of over 600,000 affordable rental homes for extremely low-income households. Developments like Palladium Oak Grove help bridge this gap by providing stable, quality housing for working families, seniors, and individuals who might otherwise face housing instability. The project also stimulates the local economy through construction jobs and ongoing property management employment.
Palladium USA has closed three multifamily developments year-to-date in 2025, containing 548 apartment homes, with two additional developments planned to close in the next 45 days. The company currently has ten properties under construction, containing over 2,100 apartment homes. This track record demonstrates Palladium's commitment to scaling affordable housing solutions across Texas. For more information, visit palladiumusa.com.
The grand opening marks a milestone in Fort Worth's efforts to ensure that all residents have access to safe, affordable homes. As housing costs continue to rise, such initiatives provide a model for how cities, developers, and financial institutions can collaborate to create lasting community impact.
