FORT WORTH – 2013 brought great change to Southeast Fort Worth and surrounding neighborhoods. On June 11, Texas Department of Housing and Community Affairs (TDHCA), U.S. Department of Housing and Urban Development (HUD), city officials, community leaders, and residents celebrated the completion of the major renovations to Prince Hall Gardens and Pilgrim Valley Manor at the grand opening and renaming ceremony sponsored by The ITEX Group which developed, constructed, and will manage the apartments. A tour of both properties was also provided to those attending.
Phase 1 of the rehabilitation project took place at the former Prince Hall Gardens, renamed Gardens at Cobb Park, located at 1800 East Robert Street. The new Gardens development was made possible via investments made by TDHCA, Wells Fargo Bank NA, Wachovia Bank Affordable Housing CDC, HUD, City of Fort Worth, and The ITEX Group. The completely rehabilitated Gardens at Cobb Park property offers 100 Fort Worth families updated living spaces that are attractive, resource efficient, and affordable.
Phase 2 called for the major renovation of the former Pilgrim Valley Manor, renamed The Valley at Cobb Park, located at 1701 East Robert Street. This phase was funded by TDHCA, Wells Fargo Bank NA, Tarrant County Housing Finance Corporation, HUD, City of Fort Worth, and The ITEX Group. This completed project offers 168 attractive, resource efficient, and affordable apartments to Fort Worth families.
“Wells Fargo has a strong commitment to supporting long-term economic growth and improving the quality of life for everyone in our communities,” said Leslie Houston, Senior Vice President for Wells Fargo Community Lending and Investment in Fort Worth. “The revitalization of these two apartment complexes not only represents a transformation for the apartments, but for the entire neighborhood and the residents who call it their home.”
The rehabilitations of these 40+ year old apartment complexes included raising all free-standing buildings to meet the new flood plain elevation standards, and providing for the latest in energy and resource efficiency. Each new apartment has been equipped with new energy efficient HVAC systems, improved insulation, and water saving Energy Star appliances. These conservation steps are already saving residents money in lower monthly utility bills.
ITEX decided to rename the properties to signify the fresh start for the neighborhood and the families living in these apartment homes. In addition, the new names recognize the investments made by the City of Fort Worth in the 244-acre Cobb Park that is located nearby.
“We are very proud of the positive changes that our renovation efforts bring and the new investments which are being made by local government to the future of the neighborhood. We appreciate the cooperation we have received from the City Council, City employees, our investment partners, and community and business leaders which have been so important in making these renovations possible,” said Chris Akbari, ITEX Executive Vice President.
The ITEX Group based in Port Arthur, Texas specializes in real estate and the development, investment, construction, and management of single-family and multi-family apartments, as well as commercial buildings, in the State of Texas. It owns and/or manages twenty-nine developments; home to more than 3,600 Texas families.