Lost Oaks delivers 78 affordable, energy-efficient homes as area rents climb faster than the rest of Houston metro
Lost Oaks, 810 Oak St, Houston, Texas 77018, Courtesy Mark-Dana Corporation
HOUSTON, Aug. 14, 2026 (GLOBE NEWSWIRE) — Mark-Dana Corporation today announced the opening of Lost Oaks, a new $25.9 million affordable multifamily housing community in north central Houston. Now 60 percent leased, the property offers 78 modern apartment homes for working individuals and families. The project is a public-private partnership between Mark-Dana Corporation, the Harris County Housing Finance Corporation (HCHFC), and the Harris County Housing & Community Development Department (HCD).
The need for affordable housing in north central Houston has grown increasingly urgent. According to a first quarter 2026 report from commercial real estate firm Northmarq, north and northeast Houston posted the strongest annual rent growth of any submarket in the metro at 5.4 percent, outpacing rent growth across the broader Houston market. That pressure reflects a citywide affordability crisis: Rice University’s Kinder Institute for Urban Research found in its 2026 State of Housing in Harris County and Houston report that 52.6 percent of Houston renters are now cost-burdened, spending more than 30 percent of their income on rent. As rents in north central Houston continue to climb faster than the rest of the city, developments like Lost Oaks offer critical relief for working families being priced out of the neighborhoods where they live and work.
All 78 units are designated as affordable housing for households earning between 30% and 80% of the Area Median Income (AMI). The 1.7-acre, five-story development offers one-, two-, and three-bedroom floor plans with upgraded finishes, including nine-foot ceilings, granite countertops, stainless steel appliances, washer/dryer hookups, and ceiling fans in every living room and bedroom. First-floor units include a private patio, and upper-floor units include a balcony.
Community amenities include a swimming pool, outdoor grills, a clubhouse and community center, a business center, a fitness center, an activity room, EV chargers, laundry facilities and controlled-access entry.
Beyond housing, Lost Oaks connects residents to community-building activities and supportive services, including resident social events, back-to-school assistance, and access to food banks and other resources through partnerships such as the Joseph House Community Outreach Center.
HCHFC owns the land and leases it to the project under a long-term ground lease, preserving Lost Oaks as affordable housing for 99 years. HCHFC also served as general contractor and provided $4,076,915 million in American Rescue Plan Act (ARPA) funds to the project.
Additional support came from HCD; Stellar Bank, as construction and permanent lender; and Enterprise Community Partners, which purchased the nine percent tax credits administered by the Texas Department of Housing and Community Affairs. Lost Oaks is one of several projects across Harris County reflecting a broader commitment to addressing the region’s affordable housing needs.
“We are proud to be part of the Texas Department of Housing and Community Affair’s, Harris County’s and the Harris County Housing Finance Corporation’s efforts to build affordable, quality housing that helps improve the quality of life for residents in north central Houston,” said David Mark Koogler, President and CEO of Mark-Dana Corporation.
“We are thrilled to see Lost Oaks open — a community that reflects HCD’s mission to strengthen neighborhoods through meaningful investment in housing and services that promote long-term resilience,” said Thao Costis, Executive Director of Harris County Housing & Community Development. “Every family in this part of Houston deserves access to a safe, stable, and dignified place to call home. These 78 beautiful new apartments deliver exactly that. Through this community, we are investing in economic mobility and building a more equitable Harris County, securing bright futures for generations to come.”
“North central Houston is one of many parts of our county experiencing substantial growth, and that growth makes affordable housing increasingly critical,” said Rene Martinez, Executive Director of the Harris County Housing Finance Corporation. “Lost Oaks is a direct response to that pressure. This is exactly the kind of public-private collaboration Harris County needs to keep pace with a growing population and reduce the affordable housing gap for the families who keep this county running.”
Lost Oaks is located near shopping, restaurants, banks, pharmacies, medical offices, and religious institutions. The community was built in compliance with the ICC-700 National Green Building Standard – Bronze Level, and construction was completed earlier this year.
About Mark-Dana Corporation
Mark-Dana Corporation is a full-service real estate company. MDC and its affiliates have been involved in developing, building and managing multi-family housing for more than 40 years. MDC takes pride in producing high quality affordable, workforce, and market rate developments that will stand the test of time.
About Harris County Housing Finance Corporation
The Harris County Housing Finance Corporation (HCHFC) creates affordable housing opportunities for the citizens of Harris County. The Corporation is authorized to develop, own and finance affordable single & multi-family housing for low- and moderate-income families. The Corporation is led by a nine-member Board of Directors appointed by Harris County Commissioners Court and County Judge’s Office.
About Harris County Housing & Community Development
Harris County Housing & Community Development strives to strengthen communities by investing in housing, infrastructure and services that promote resiliency. It seeks to have safe, sustainable communities where everyone thrives, and no one is left behind. Learn more at hcd.harriscountytx.gov
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Suzy Hartgrove
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e47978a0-3da4-439c-8cb8-8e4e5f4a86e3
