Elgin, TX – ITEX Group, in partnership with Ivy Companies, is thrilled to announce the upcoming construction for The Katy, a new 150-unit mixed-income housing community located at 601 West 2nd Street, Elgin, Texas. This highly anticipated development will provide much-needed affordable housing options to the rapidly growing Elgin area, which is conveniently located within a 30-minute drive of thousands of new jobs being added to central Texas.
The Katy will feature a four-story building with podium parking on the first floor and residential units on the top three floors. The 150 units will include a mix of studio, one-, two-, and three-bedroom apartments.
The Katy marks ITEX’s first new construction in the Austin area, furthering its mission to provide high-quality, attainable housing in communities where it is most needed. This development will offer a wide range of amenities to enhance residents’ quality of life, including a business lounge, fitness center, swimming pool, and community area. Each unit will feature modern touches such as granite countertops, energy-efficient appliances, and in-unit washer/dryer connections.
“We are excited to bring The Katy to Elgin, a community that is experiencing rapid growth and a rising demand for quality housing,” said Chris Akbari, CEO of ITEX Group. “This development is designed to meet the needs of working individuals and families, offering a blend of affordability and modern living in a prime location close to Elgin’s Historic Downtown District and major employers in the Austin area.”
The Katy is strategically located with easy access to Highway 290, making it convenient for residents to commute to major employers such as Dell, Apple, Tesla, Samsung, and The University of Texas. The proximity to Elgin’s downtown, city parks, and grocery stores like HEB further adds to the appeal of this new community.
Construction is expected to begin in September 2024, with completion anticipated by October 2025. The project is being financed through a combination of tax-exempt bonds, 4% housing tax credits, and deferred development fees. The development is also expected to create over 150 construction jobs during its build phase and 4 to 5 permanent jobs for ongoing management and maintenance.
For those interested in learning more about The Katy or inquiring about leasing opportunities, please visit our website at itexgrp.com or join our interest list once it’s live to receive the latest updates on this exciting development.
About ITEX Group
Founded in 1981, ITEX Group has developed over 8,000 units in more than 60 communities, representing over $800 million in completed developments. The company currently manages over 7,400 attainable luxury and affordable housing units. ITEX is recognized as one of America’s “Top Places to Work in Multifamily” and is a fast-growing developer dedicated to building quality housing and delivering exceptional resident experiences.
About Ivy
Founded by Roger Plourde and Kevin Tiseo, Ivy Companies is a vertically integrated real estate investment and development firm focused on residential, retail, office, and hotel properties primarily in high-growth markets. Ivy’s execution style is founded on clear communication, responsiveness, transparency, and relentless problem-solving. Ivy’s thoughtful approach to real estate investment and development leads to projects that make positive contributions to the built environment and maximize investor returns.
For more information, please contact:
John Gonzalez – SVP Marketing & Compliance
John.Gonzalez@itexgrp.com
