$15.8 Million Renovation Coming to Stonegate Manor in Port Arthur, TX
ITEX is pleased to celebrate the financial closing of Stonegate Manor, a 240-unit community in Port Arthur, TX. The section-8 property was built-in 1980 and acquired by ITEX in December of 2020 in an effort to ensure the availability of affordable housing in Port Arthur.
Financing for the transaction consists of 4% tax credits and bonds with $5 million in CDGB money issued by the General Land Office (GLO) and financed the debt with Deutsche Bank and Affordable Housing Partners (Berkshire Hathaway).
“The continuation of best practices for a good quality of life in Port Arthur begins with clean modern facilities for citizens to call home and take pride in. ITEX sustains this principle with the planned renovation of Stonegate Manor; continuing the progress in Port Arthur, Texas”Mayor Thurman Bill Bartie said.
Residents will benefit from an extensive renovation of their living spaces and improved community amenities. The rehab includes completely modernizing 240 units with new paint, flooring, appliances, and plumbing, serving the city’s need for clean and safe affordable housing.
The total development cost for the project is $51.5 million with a renovation budget of $15.8 million. The renovations for the community will be led by ICON and the completion is expected by Q4 2023.
A groundbreaking ceremony is scheduled for July 14th, to celebrate the upcoming renovation with partners.
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 attainable luxury and affordable housing units. The development of new communities — from ground-up planning to comprehensive neighborhood revitalizations — is a core component of ITEX. We greatly value the positive impact our partnerships with local governments, housing authorities, non-profits, and employers have brought to the communities in which we invest and work. ITEX has been named among America’s “Best Places to Work in Multifamily.”