FOR IMMEDIATE RELEASE: 8.18.2020
Houston, TX: ITEX announced today that Southwood Crossing and One Southwood Crossing, critical affordable housing resources in Port Arthur, Texas, are set to undergo an extensive rehabilitation following a successful financial closing in partnership with Port Arthur Housing Authority (PAHA), Oceanside Limited Partners, State of Texas General Land Office (GLO), Texas Department of Housing and Community Affairs (TDHCA) and Amegy Bank. The rehabilitation would place back in service over 102 Hurricane Harvey damaged affordable housing apartments to help the most vulnerable in our communities. The construction work commenced on August 10, 2020, and is expected to be completed in 12 months.
“We are grateful for the help of our partners; Amegy Bank, (TDHCA), (PAHA), Equity Partners and the GLO for recognizing the importance of preserving existing affordable housing in Southeast Texas,” said Chris Akbari, ITEX’s President and CEO.
The $10.4 Million of construction budget will be applied to rehabilitation of the 102 Hurricane Harvey damaged units, and needed upgrading of the upstairs units, exteriors, amenities and the central clubhouse. Major upgrades will include new HVAC and mechanical systems, new roofs, and new windows, complete kitchen remodel, flooring replacement, new plumbing and light fixtures. Exterior building and common area upgrades will consist of exterior siding repairs, a remodeled community clubhouse, as well as the installation of a new children’s play area and an outdoor picnic areas.
“Amegy Bank is pleased to provide a construction loan to help create much-needed affordable housing in Port Arthur,” said Devin Hancock and Sara Hale, Senior Vice Presidents of Amegy Bank.
ICON Builders is the general contractor for the 12 month renovation, scheduled to be complete by August 2021. ITEX Property Management will continue to manage Southwood Crossing and One Southwood Crossing throughout the construction and have a process in place for past residents to return once the construction is complete.
About ITEX : Headquartered in Houston, TX, ITEX, and its vertically integrated affiliated companies are devoted to multifamily real estate investment, development, construction, and property management. To date, ITEX has developed over 8,000 units, with total development costs in excess of $800 million and currently manages over 7,000 luxury and affordable apartment units. ITEX’s experience includes general, family, senior living, historic and affordable developments.
For more information, please contact:
John Gonzalez, Marketing Director, at 832-941-5353 or john.gonzalez@itexgrp.com. To learn more about ITEX, visit us at itexgrp.com
