Montgomery, AL – December 3, 2024 – ITEX, a leader in multifamily construction, development, and management, proudly announces the successful financial closing of Columbus Square Phase III, marking a significant milestone in the expansion of affordable housing in Montgomery, Alabama.
This latest phase of the Columbus Square community, located at 500 North Bainbridge, will deliver 60 additional Loft and Town-Home style apartments to meet the growing housing needs of the area. Of these new apartments, 15 of them are Project-Based Voucher (PBV) units from Montgomery Housing Authority, ensuring affordability for those tenants.
Building on the success of the existing Columbus Square development, Phase III will include one-, two-, and three-bedroom units designed to provide high-quality, affordable living options. Residents will enjoy amenities such as a fitness center, community room, and playground, all within walking distance of downtown Montgomery.
“This closing represents a major step forward in addressing the critical need for affordable housing in Montgomery,” said Chris Akbari, CEO of ITEX. “We are thrilled to move into the next phase of this development and remain committed to delivering sustainable, high-quality housing solutions for this community.”
The project, slated for completion by Q1 of 2026, was made possible through a competitive $14.1 million award in Low-Income Housing Tax Credit (LIHTC) equity, secured during the 2023 Alabama Housing Finance Authority (AHFA) Competitive Cycle. This achievement reflects ITEX’s dedication to creating meaningful partnerships and aligning with AHFA’s objectives to increase affordable housing availability.
Columbus Square Phase III addresses a pressing need in Montgomery, where the local Housing Authority reports over 11,000 applicants on its waiting list for affordable units. The City of Montgomery has played a vital role in supporting the development, contributing essential infrastructure to ensure the success of this transformative project.
The expansion of Columbus Square underscores ITEX’s mission to make a lasting impact on the lives of individuals and families by providing access to high-quality, affordable housing.
For more information about ITEX and its affordable housing initiatives, please visit www.itexgrp.com.
Media Contact:
Jacob Gardner
Director of Marketing
jacob.gardner@itexgrp.com
