Elizabeth Property Group (EPG) has closed on the acquisition of a portfolio of six Low Income Housing Tax Credit (LIHTC) apartment properties located in Houston, Duncanville (see photo), Beaumont, Huntsville, Bryan-College Station, and Wichita Falls, TX. 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, LLC partnered with Dallas-based EPG to purchase and renovate the portfolio.
All units will continue to be affordable for renters at incomes less than 60% of the Area Median Income (AMI) through 2042 and 2043. The developments are located in census tracts with an average poverty rate of 36% and a 75% 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.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.