The ITEX Group Closes On Two Tax Credit Communities

HOUSTON, April 17, 2019 /PRNewswire/ -- The ITEX Group announced the financial closing of two developments totaling $84 Million, Tays North in El Paso, TX, and Providence at Ted Trout in Lufkin, TX. Both projects will utilize Tax Credits and begin construction this year.

Providence at Ted Trout will be a new construction of 76 units for seniors utilizing 9% Competitive Housing Tax Credits. The development will consist of 48 one bedrooms and 28 two bedrooms apartments homes for qualifying seniors 55 and older. The community will feature many amenities including; business center, furnished clubhouse, surface parking, security cameras, and an on-site management office. Total Development Cost is approximately $11.8 Million and is anticipated to be completed the end of 2019.

Tays North will be a multifamily historical renovation of 278 units in partnership with the Housing Authority of El Paso. The project is financed by Tax Exempt Bonds, 4% Non-Competitive Housing Tax Credits, and State and Federal Historic Tax Credits. The community was originally built in 1941 by the Housing Authority of the City of El Paso. Upon completion of the rehabilitation, all 278 units will serve qualified tenants. Tays North is eligible for listing in the National Register of Historic Places under Criterion C at a local level of significance.  The community will feature a sports court, multiple playgrounds, community laundry center, security cameras, and an on-site management office. Total Development Cost is approximately $72 Million and is anticipated to be completed by Q3 ? 2021.

About The ITEX Group: Headquartered in Houston, TX, The ITEX Group, LLC and its vertically integrated affiliated companies are devoted to multifamily real estate investment, development, construction, and property management.  To date, ITEX has developed over 7,000 units, with total development costs in excess of $800 million and currently manages over 6,500 luxury and affordable apartment units.  ITEX's experience includes general, family, senior living, historic and affordable developments.     

For more information, please contact:

John Gonzalez, Marketing Director, at 832-941-5353 or [email protected]. To learn more about The ITEX Group, visit us at ITEXGrp.com

SOURCE The ITEX Group