Kittle Property Group Opens Texas Affordable Community

Laurel Vista Apartments Community Room. Image courtesy of Kittle Property Group Kittle Property Group has…

Laurel Vista Apartments Community Room. Image courtesy of Kittle Property Group

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.

See also  Alliance Residential Delivers Sacramento Senior Housing Project