From Realtex Development Corporation
PHOTO #1: Enchanted Gardens, 4601 N. Ben Jordan St., is a new apartment complex priced for working individuals and families.
The City of Victoria’s Victoria Housing Finance Corporation, in partnership with Realtex Development Corporation, is pleased to announce the grand opening of a newly constructed affordable housing community, Enchanted Gardens Apartment Homes.
“Providing affordable workforce housing options was identified as a key priority by Victorians during development of the City’s 2035 Comprehensive Plan, and the HFC is helping us achieve that goal,” said Assistant City Manager Mike Etienne.
City Councilman Rafael DeLaGarza, president of the Victoria Housing Finance Corporation, and Rick Deyoe, president of Realtex Development Corporation, will commemorate with a ribbon-cutting at 10 a.m. Oct. 25, followed by guest speakers. The festivities will continue throughout the morning with refreshments and tours of the community.
The apartments will open to tenants in November.
About the apartments
PHOTO #2: Amenities at Enchanted Gardens include a swimming pool, picnic and barbecue areas, a dog park and on-site social services.
The gated three-story garden-style community features 168 one-, two- and three-bedroom apartments, providing options for individuals and larger families. The development was designed with open-concept contemporary lifestyle spaces, attractive finishes such as luxury faux wood flooring, quality cabinetry, granite counters, walk-in closets, Energy Star-rated stainless steel kitchen appliances, nine-foot ceilings and garden tubs, among other features.
Amenities available for residents will include a community center with a state-of-the-art fitness room, business center and activities room. Outdoor amenities include a playground, a resort-style pool, a dog park, an outdoor pergola with a seating area and barbecue grill and much more.
Residents of all ages will enjoy on-site programs and services tailored specifically to them. For children, there will be after-school tutoring and recreation programs, and adult family members will be able to participate in educational workshops. The goal is to create a home environment for the company’s residents that fosters resident involvement and focuses on academic achievement for young people as well as community-building activities and health and fitness for families. An on-site program coordinator will assist residents in accessing local community services.
Working together to improve housing
PHOTO #3: A kitchen setup at Enchanted Gardens includes granite countertops, a built-in microwave and hanging light fixtures.
Enchanted Gardens Apartment Homes is a public/private partnership between the Victoria Housing Finance Corporation, Realtex Development Corporation and TICO Development.
Unlike government housing that is funded by the Department of Housing and Urban Development, Enchanted Gardens Apartment Homes is funded by private investment and Victoria Housing Finance Corporation bonds. The VHFC issued tax-exempt private activity bonds that must be repaid by the developer, and the project also received an allocation of federal housing tax credits through the state, which were sold to private investors. The remaining funding is from private loans. This type of financing allowed the development to ensure its units were available at rates affordable to households making 30%-80% of the median family income (MFI.)
“By leveraging state and federal programs to encourage development of affordable workforce housing, we have an opportunity to create a more livable city and improve the lives of all our residents,” said Mayor Jeff Bauknight.
The complex is being built on land that the City sold to Realtex Development Corporation in 2021 as part of an ongoing effort to encourage development of low-cost housing options.
“We place great value on our long-term partnership with the City of Victoria, without which we could not have developed this vital workforce housing community that is now providing quality, affordable housing for the city’s working families,” said Realtex Development Corporation President Rick Deyoe. “Developing new affordable housing is critical in our mission as a local Texas developer as we support neighborhoods and communities in Texas.”
Enchanted Garden Apartments Homes is professionally managed by Realtex Housing Management. To be put on the waiting list for a lease, call 361-210-6733 or email firstname.lastname@example.org.
For more information on the Housing Financing Corporation, visit www.victoriatx.gov/hfc.
To learn more about the City’s efforts to expand housing options, visit www.victoriatx.gov/housing.