Renovation Planned for Waterford at Spencer Oaks Apartments in Denton, Texas
The Waterford at Spencer Oaks Apartments at 2100 Spencer Road is poised for a major rehabilitation valued at $9.8 million. Work is scheduled to begin in late September 2025 and is expected to conclude in the first quarter of 2027. The comprehensive program will modernize 208 units, refresh building exteriors and common areas, and upgrade site infrastructure across the 41.3-acre garden-style community.
Large-Scale Rehab for a Garden-Style Community
Originally built in 1997, the Waterford at Spencer Oaks complex contains 52 two-story wood-framed buildings with fiber cement siding, brick accents and pitched roof systems. The property totals approximately 205,608 square feet of living area across 208 units arranged around perimeter parking and drives. The planned renovation is structured to preserve affordability while upgrading living conditions for long-term residents.
What the Renovation Will Deliver
The scope is wide-ranging and targeted at both resident comfort and long-term asset resilience. Site work will address perimeter fencing, irrigation inspection and landscaping, sidewalk and ADA route upgrades, limited parking repairs and improved trash/recycling facilities. Amenities will be refreshed — including pool plaster and equipment, barbecue and playground areas. Exterior work will include new paint, sealant repairs, minor tuck pointing, new entry hardware and window-screen replacement.
Inside units, residents can expect new flooring, updated cabinetry, new kitchen appliances, fresh paint, replacement light fixtures and ceiling fans, updated bathroom fixtures and inspections/repairs of HVAC and hot-water systems. Importantly, plans call for the conversion of 12 units into fully accessible apartments to meet ADA requirements, with full reconfigurations where required.
Project Team Assembled for Delivery
The renovation is being advanced by a multi-party team. April Housing, a Los Angeles–based affordable housing developer, is the project sponsor and developer. Benton Design Group of St. Charles, Missouri is responsible for architectural and design services for the rehabilitation. Financial structuring is supported by the Legacy Denton Public Facility Corporation (LDPFC), which has induced issuance of Multifamily Housing Revenue Bonds (Series 2025) to help fund the work.
Local permitting and technical review are underway: the project was submitted to the Texas Department of Licensing and Regulation on September 12, 2025 with a reported project value of $9.8 million, and on August 5, 2025, Denton City Council approved a Resolution of No Objection for the Waterford at Spencer Oaks to apply for a 4% Housing Tax Credit with the Texas Department of Housing and Community Affairs. This is to enable financing for refurbishing the aging apartment units. Proceeds from the LDPFC bond issuance, up to $49 million authorized, will be loaned to the borrower, April Housing, to finance a portion of the rehab.
About April Housing
April Housing, a Blackstone portfolio company, is a Los Angeles–based affordable housing owner and operator focused on acquisition, preservation and rehabilitation of rental housing assets across the United States. The firm pursues long-term stewardship of communities through layered financing strategies, bringing capital and operational resources to stabilize properties while preserving affordability for residents. April Housing’s projects frequently leverage public-private financing mechanisms and housing tax credits to support comprehensive rehabilitations.
Permitting, Timeline and Resident Impact
Permitting is in motion and the project team is coordinating city approval reviews with municipal staff. Construction is planned to start at the end of September 2025 and the team targets completion in Q1 2027. The renovation prioritizes in-place improvements where feasible to avoid displacement; the project’s financing and public approvals emphasize preserving affordable units and maintaining continuity for current residents where possible.
Long-Term Benefits for Denton
Once finished, the Waterford at Spencer Oaks community will benefit from modernized units, improved common areas and upgraded site infrastructure — changes that will extend the property’s useful life and strengthen housing options in Denton. The combination of tax-exempt bond financing and developer-led rehabilitation is a model used across Texas to preserve affordability while delivering meaningful capital upgrades.
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