A developer of low-income housing across the United States has acquired a portfolio of 1,444 affordable housing units in several Texas cities.
Dallas-based Elizabeth Property Group closed a deal for six apartment properties in Houston, Dallas-Fort Worth, Beaumont, Bryan-College Station, Wichita Falls and Huntsville. The 1,444 units can accommodate as many as 3,000 tenants.
All the properties utilize the Low Income Housing Tax Credit program, which gives developers a tax break in exchange for building affordable rental units.
Financial terms of the deal were not disclosed. The seller or sellers were also not revealed.
Elizabeth Property Group acquired the properties with funds used from its partnership with American South Fund Management LLC.