Kittle Property Group Opens Texas Affordable Community
- Sep 13, 2021
Kittle Property Group has celebrated the grand opening of Laurel Vista, a 69-unit community in Beaumont, Texas. The Texas Department of Housing and Community Affairs awarded $10 million through the 9 percent Low-Income Housing Tax Credits program for the project.
In December 2019, the developer acquired the more than 5-acre vacant land for the senior housing project and secured a $9 million financing package from Regions Bank, Jefferson County records show. The funding included a $2.9 million construction loan as well as a $6.1 million bridge loan.
Kittle Property Group began construction on the affordable development in early 2020 and completed it in February 2021.
A closer look at Laurel Vista
Located at 3400 Veterans Circle, the community features one- and two-bedroom units with floorplans ranging between 795 and 1,554 square feet, available to residents aged 55 and over. While the majority of the apartments are rent-restricted, nine units are available at market rates.
The apartments at Laurel Vista offer washers and dryers, walk-in closets, as well as floorplans with an open kitchen and living area. The pet-friendly community also features a fitness center, business center, community room, picnic pavilion and dog park.
The senior housing property is in close proximity to an array of dining options, as well as a bank and a hospital, while offering easy access to Interstate 10. Downtown Beaumont is less than 3 miles away, while Phelan West Shopping Center is roughly a mile away.
In August, the developer landed a $46.8 million financing package funded by KeyBank Community Development Lending and Investment to build a 264-unit project in Whitestown, Ind. The funding for the new Meadows on Main affordable community also incorporated low-income housing tax credits.