Houston, TX – ITEX, a leader in multifamily housing development, is proud to announce the financial closing of Abiding Grace, a new senior living community in Beaumont, TX. This milestone is further celebrated by the recent ceremonial groundbreaking that took place on December 1st, signifying the commencement of this eagerly anticipated project.
The project will be located at the intersection of W. Cardinal Drive and Fannett Rd in Beaumont, TX, ‘Abiding Grace’ is an $11.5 million senior living community project. The development will offer 61 apartments, including market-rate and income-restricted options. Abiding Grace will offer spacious one- and two-bedroom apartments, as well as community spaces and amenities tailored to seniors.
Chris Akbari, CEO of ITEX, expressed, “The financial closing of Abiding Grace was a huge win for us, and it’s all thanks to our amazing team and partners. Their hard work and collaboration have been key. We’re setting new standards in senior living, and it’s exciting to see everything taking shape. Our groundbreaking event, with our partners and local leaders, really showed the strong team spirit that’s making this happen.’
The groundbreaking ceremony, led by ITEX in collaboration with the City of Beaumont, Antioch Baptist Church, ICON Construction, and local leaders, marked the official initiation of the Abiding Grace project. This event symbolized not only the start of an exciting journey but also demonstrated the robust support from the community. Building upon this strong foundation, the project reached another crucial milestone with the successful completion of its financial closing on December 7th. This achievement ensures the continued forward momentum of this eagerly anticipated development.
Construction will begin this month, with an expected completion date of Q1 2025.
Leasing at Abiding Grace
For those interested in Abiding Grace and eager to receive the latest updates on leasing and construction, we invite you to join our interest list. Stay informed and be the first to know about important developments. For more information, please visit: https://form.typeform.com/to/FP05qjt7.
About ITEX: Founded in 1981, ITEX has developed over 8,000 units in over 60 communities, representing more than $800 million in completed developments. The team currently manages over 7,400 luxury and affordable housing units. The development of new communities — from ground-up planning to comprehensive neighborhood revitalizations — is a core component of what ITEX does. ITEX is also recognized as one of America’s “Top Places to Work in Multifamily” and is a fast-growing multifamily developer with a passion for building quality housing and great resident experiences.