Houston, TX – December 20, 2025 — ITEX announced today the successful financial closing of Retreat at Esther, a 103-unit affordable senior housing community located in Houston. The closing secures the funding needed to move the project into the next phase.
Retreat at Esther will serve seniors age 62 and older and will be developed as a fully income-restricted community. The project includes a mix of units serving households across a range of affordability levels, with units reserved for very low-income seniors and residents with special needs. Located near Esther Drive and Wheatley Street, the development is designed to provide long-term stability and supportive housing options in an area with ongoing demand for senior housing.
The development represents a total investment of $26.5 million and is financed through a combination of Low-Income Housing Tax Credit equity and additional public and private funding sources. LIHTC equity generated from a 2024 allocation, with equity investment from JP Morgan Chase, National Equity Fund, and National Affordable Housing Trust, construction and permanent financing from Churchill Stateside Group, and HOME Funds from the City of Houston.
“The financial closing of Retreat at Esther reflects the strength of our partnerships and the dedication behind this effort,” said Chris Akbari, President and CEO of ITEX. “We’re grateful to our partners and proud to move forward with a community that will provide stable, affordable homes for Houston seniors.”
Construction is expected to begin January 2026, with completion targeted for March 2027. The project will be built by ICON Builders, with design led by ITEX Design, and will be managed upon completion by ITEX Property Management.
ITEX extends its appreciation to the partners who made the closing possible, including Jeshurun Development, JPMorgan Chase, National Equity Fund, National Affordable Housing Trust, Churchill Stateside Group, City of Houston, and other public and private partners who supported the development.
About ITEX
Founded in 1981, ITEX has developed over 8,000 units in over 60 communities, representing more than $900 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.
Media Contact
Jacob Gardner
jacob.gardner@itexgrp.com
