Houston, TX – April 2, 2026
ITEX is pleased to announce the financial closing of Oakleaf Estates, an affordable housing community in Silsbee, TX. The closing secures the funding needed to begin a comprehensive renovation of the property, which will bring modern upgrades to more than 80 apartment homes serving families in Hardin County.
The renovation is financed through the Low-Income Housing Tax Credit (LIHTC) program and represents a significant reinvestment in the Silsbee community. The project is a partnership between ITEX and Ike Communities Foundation, Inc., a Texas nonprofit organization that supports affordable housing development in underserved communities, with equity investment from Aegon Asset Management.
Planned improvements include modernized unit interiors, updated kitchens and bathrooms, energy-efficient building systems, refreshed common areas, and enhanced site amenities. The work will be completed on a rolling basis to minimize disruption to the community. Rents at the property will remain within the affordability limits set by the LIHTC program.
“Oakleaf Estates has been a home for families in the Silsbee community for years, and this renovation ensures it will continue to be for years to come,” said Kenny Baugh, Vice President of Acquisitions & Development at ITEX. “We’re investing in real, visible improvements that residents will see and feel every day; updated kitchens, new bathrooms, better building systems. We’re proud to bring this level of investment to Hardin County.”
“The financial closing of Oakleaf Estates reflects the strength of our partnerships and our commitment to the communities we serve,” said Chris Akbari, President and CEO of ITEX. “Every family deserves a home that’s well-maintained, comfortable, and built to last. This project is how we deliver on that promise.”
Construction is expected to begin April 10, 2026, with completion targeted for May of 2027. The project will be built by ICON Builders, LLC, with design led by Long Architects, and will be managed upon completion by ITEX Property Management.
ITEX extends its appreciation to the partners who made the closing possible, including Ike Communities Foundation, Aegon Asset Management, Cedar Rapids Bank & Trust, 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
