Elizabeth Property Group has closed on the acquisition of a portfolio of six Low Income Housing Tax Credit apartment properties located in Houston, Dallas-Fort Worth, Beaumont, Huntsville, Bryan-College Station, and Wichita Falls, Texas. The portfolio totals 1,444 units of affordable housing with the capacity to house an estimated 3,000 tenants. Funds affiliated with American South Fund Management partnered with Dallas-based Elizabeth Property Group to purchase and renovate the portfolio.
All units will continue to be affordable for renters at incomes less than 60 percent of the Area Median Income through 2042 and 2043. The developments are in census tracts with an average poverty rate of 36 percent and a 75 percent average minority population. Renovations will include deferred maintenance, painting and replacing of flooring within units, exterior and landscaping upgrades. No tenants will be displaced because of renovations.
The six investment properties locate
