Big things are happening just outside Houston’s airport corridor — and they’re not all arriving by plane.  

What was once an underutilized 1980s-era hotel is now reimagined as a vibrant, energy-efficient apartment community. The former America’s Airport Inn and Suites, a 110-room hotel built in 1983, is in the middle of a major transformation into a 137-unit market-rate multifamily complex. And at the heart of this exciting redevelopment is a powerful financing tool making it all possible: the Texas Property Assessed Clean Energy (TX-PACE) program.

Backed by a $4 million TX-PACE loan, provided by Imperial Ridge Real Estate Capital and expertly administered by the nonprofit Texas PACE Authority (TPA), this project is proof that smart funding and sustainability can go hand in hand.

The property was acquired in early 2024 by 702 LLC, a visionary development team that saw potential in the neglected hotel. Spanning 2.655 acres, the site is now buzzing with construction activity as crews work to breathe new life into the building. This isn’t just a cosmetic flip, it’s a deep investment in long-term efficiency and community impact. 

TPA registered service provider, Tim Crockett of PACE Houston, was instrumental in helping the owner’s navigate their first TX-PACE project.  Alex Cartwright, Managing Member of The 702 LLC share this comment,

“With Tim’s guidance and leadership, we have spent the past few months increasing the scope of our energy efficiency measures including a significant solar component and reorganizing our capital stack, virtually eliminating high cost, short term construction financing and maximizing our use of the lower cost and long-term PACE Financing. This significantly improved our returns. I’ve said publicly that meeting Tim and learning about PACE was the single best thing I learned last year“. 

TX-PACE financing allows property owners to upgrade buildings with energy and water-saving improvements, without draining equity or competing with traditional financing. The cost of improvements is securitized through a voluntary special property assessment that stays with the building, not the owner, making it a flexible and forward-thinking solution for developers.

With guidance from TPA, the team at 702 LLC is implementing a range of high-performance upgrades, including state-of-the-art HVAC systems, energy-efficient lighting, and low-flow plumbing fixtures. These changes will reduce operating costs, shrink the building’s environmental footprint, and create comfortable, modern homes for future tenants.

For Imperial Ridge Real Estate Capital, funding this project is more than an investment, it’s a chance to be part of a broader movement toward sustainable redevelopment. Their role as both the PACE lender and the senior lender, makes the numbers work for this kind of project, helping turn bold ideas into built reality. 

This is more than a building renovation — it’s a story of transformation. A forgotten hotel is becoming a fresh place to live. A dated property is being reinvented as a smart, efficient asset. And a community is gaining housing that’s built to last.

Thanks to the collaboration between TPA, the City of Houston’s TX-PACE Program, Imperial Ridge Real Estate Capital, the ownership team at 702 LLC, and PACE Houston, this project shows what’s possible when innovation, sustainability, and opportunity come together.

“We’re excited to be a part of this critical development which adds much-needed workforce housing in the city of Houston. Bringing both PACE and senior construction financing to the table further demonstrates Imperial Ridge Capital’s capabilities and creative solutions which enable visionary, sustainable real estate projects, like The 702, to get done” said Mark Boyer, CEO, Imperial Ridge Real Estate Capital.

Stay tuned, this is one of many TX-PACE-powered projects reshaping the future of Texas real estate.

About Texas PACE Authority: Texas PACE Authority (TPA) is the nonprofit administrator of more than 100 local TX-PACE programs. TPA is on a mission to empower commercial, industrial, and multifamily property owners across Texas to make energy and water saving upgrades that save money, benefit the environment and their local communities. We work with local governments, lenders, service providers and all other stakeholders to make businesses more profitable, save natural resources, and revitalize communities across Texas. To date, our efforts have facilitated more than half a billion dollars in new investment in Texas.

www.TexasPACEAuthority.org