Bond-financed rehabilitation will modernize every unit while keeping all residents in place and rents affordable for decades to come.
BEAUMONT, Texas — June 2nd, 2026 — The ITEX Group, one of Texas’s leading affordable-housing developers and operators, today announced the successful closing of a financing transaction to fund a comprehensive renovation of Timbers Edge, a 150-unit affordable apartment community at 1075 Pinchback Road in Beaumont. The transaction, which closed on May 21, 2026, pairs tax-exempt bond financing with federal Low-Income Housing Tax Credit equity to invest approximately $37 million in the property while preserving its long-term affordability.
All 150 homes will be extensively renovated. Every unit benefits from project-based rental assistance, ensuring residents continue to pay an affordable share of their income toward rent.
“Timbers Edge is exactly the kind of community we are committed to — preserving quality, affordable housing for families who need it most,” said Chris Akbari, Chief Executive Officer of The ITEX Group. “This investment lets us deliver modern, fully renovated homes, and it keeps these 150 apartments affordable for the long term.”
A Top-to-Bottom Renovation
The renovation represents a substantial reinvestment in the property — more than $11 million in direct construction work across the community’s 11 residential buildings, in addition to new appliances, fixtures, and furnishings, and site improvements. Planned work includes upgrades to unit interiors, building systems, and common areas, along with site and landscaping enhancements. Construction is expected to be completed in September of 2027, with the community reaching full stabilization in 2028.
A Public-Private Partnership
The recapitalization was made possible through a public-private partnership combining tax-exempt multifamily housing bonds issued by Jefferson County Housing Finance Corporation, 4% federal Low-Income Housing Tax Credits, and permanent financing and tax-credit equity provided by PNC. Additional funding sources include a state TCAP loan and a seller note. The property is sponsored by Ike Communities Foundation, a nonprofit dedicated to expanding and preserving affordable housing.
“We’re incredibly proud to be able to renovate and modernize Timber’s Edge,” said Kenny Baugh. “Preserving affordable housing is about more than just the buildings — it’s about protecting the stability and comfort of the folks who live there. With Timber’s Edge remaining under ITEX management, residents can also have confidence that the community will remain affordable and well cared for for years to come.”
ITEX will continue to manage Timbers Edge throughout construction and beyond, providing residents with on-site support during the renovation.
About The ITEX Group
The ITEX Group is a vertically integrated real estate firm specializing in the development, construction, and management of affordable and market-rate multifamily housing across Texas and the Gulf South. ITEX is committed to creating and preserving high-quality housing that strengthens communities.
Media Contact
Jacob Gardner
jacob.gardner@itexgrp.com
www.itexgrp.com
