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The original item was published from 8/15/2023 8:44:58 AM to 8/15/2023 8:45:41 AM.

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Posted on: August 15, 2023

[ARCHIVED] Realtex announces The Victorian, an apartment complex for seniors

An apartment complex with multiple three-story buildings

PHOTO #1: Realtex Development Corporation is planning to build The Victorian at 901 John Stockbauer Drive.

PHOTO #2: The Victorian will be located at 901 John Stockbauer Drive.

Realtex Development Corporation is planning to build The Victorian, a 68-unit apartment complex for seniors, at 901 John Stockbauer Drive.

The Victorian is the second affordable apartment complex for seniors that the City of Victoria has attracted since 2022. 

In February, the City Council passed a resolution of support for Realtex’s application for the Texas Department of Housing and Community Affairs’ (TDHCA) competitive Housing Tax Credit Program.

A resolution of support is viewed favorably during the application process and can improve an applicant’s chances of receiving a tax credit allocation.

On July 27,  The Victorian was approved by the TDHCA to receive an allocation, so the developer plans to move forward with the project.

“Our vision is to continue to have a powerful impact on the world of affordable housing development,” said Realtex President Rick Deyoe. “We believe that a well-designed home is about much more than appearance. It’s about lifting resident voices, planning more equitable communities and building better places to live.”

Construction is scheduled to begin in early 2024 and finish in January 2025. Leasing is expected to begin in late 2024.

About the apartments

The Victorian will include 68 units for residents aged 55 and older. The applicant’s household may include younger relatives; for example, an elderly couple raising their grandchildren would qualify.

Unit size

1 bedroom, 1 bathroom

2 bedrooms, 2 bathrooms

Number of units

28

40

Estimated monthly rent

$345-995

$407-1,295

Certain units (a total of 60) will be set aside for residents who make 30%, 50% and 60% of Victoria’s area median income. Income includes Social Security and other benefits. The units will be priced to be affordable to residents in these income ranges according to state guidelines.

Area median income is calculated by the Department of Housing and Urban Development and varies depending on household size.

Household size

1

2

3

4

30% AMI

$15,400

$17,600

$19,800

$21,950

50% AMI

$25,650

$29,300

$32,950

$36,600

60% AMI

$30,780

$35,160

$39,540

$43,920

All units will feature granite counters, full-size stainless steel appliances, spacious balconies and shaker-style cabinets and doors. On-site amenities will include a resort-style swimming pool, a community room with a business center, state-of-the-art fitness equipment, a pavilion and a dog park.

“The apartments are designed to help residents achieve healthy living goals, improve their quality of life and promote social interaction at an affordable price,” said Alma Cobb, director of property management for Realtex. “The simple yet thoughtful exterior and interior of the complex have been intentionally designed to encourage a greater sense of community and meaningful existence.”

The property will incorporate clean lines and a modern aesthetic to complement its surrounding context with a simple palette of neutral colors, accented by decorative soffits, pergolas, stucco  and limestone veneer.

How it’s funded

The complex is a private development funded by private investors, both directly and through the sale of TDHCA tax credits. It is not a public housing development.

As part of the City Council’s resolution of support, the City agreed to waive $500 in building permit fees for the project.

The complex is expected to generate about $130,000 in annual property taxes for the City and other taxing entities.

Making strides for affordable housing

PHOTO #3: FishPond Development LLC is planning to build FishPond at Victoria at 2513 N. Navarro St.

PHOTO #4: Enchanted Gardens opened at 4601 N. Ben Jordan St. in 2022.

The City of Victoria has been working proactively to improve how it attracts apartment complexes that serve low-income residents and seniors.

In 2020, City Manager Jesús A. Garza and Assistant City Manager Mike Etienne met with TDHCA leadership to advocate for changes to the competitive tax credit program. At that time, the TDHCA’s scoring system favored densely populated cities with more than 100,000 residents, which made it difficult for Victoria to compete.

In 2021, the TDHCA updated its criteria to improve smaller cities’ chances of being chosen. A year later, FishPond Development LLC received a competitive tax credit allocation to build FishPond at Victoria, a 75-unit apartment complex for seniors, at 2513 N. Navarro St.

Construction on FishPond at Victoria will begin in December 2023 and finish in December 2024, with leasing expected to begin in fall 2024.

Also, Realtex in 2021 received a tax credit allocation through the TDHCA’s noncompetitive program for Enchanted Gardens, 4601 N. Ben Jordan St., which opened in fall 2022.

These developments, along with The Victorian, will provide a total of 311 apartment units and generate more than $250,000 in annual property taxes.

Previously, the City had not seen any new developments through the TDHCA’s programs since 2006.

“Victoria’s housing market has been tight for a long time, and the fact that we’re seeing this many new developments in a short period of time reflects the City’s renewed commitment to providing relief for our low- to moderate-income residents,” Etienne said.

About the developer

Realtex Development Corporation is a vertically integrated, best-in-class, Texas-based developer, builder and manager of multifamily housing. Realtex is a nationally recognized “Top 50 Affordable Housing Developer” known for creating award-winning affordable homes of high-quality design and construction.

Stay connected

For information about the construction and development of The Victorian, contact Deyoe at rdeyoe@realtexdevelopment.com.

For questions about the property or rental information, contact Cobb at acobb@realtexdevelopment.com.

For more information about FishPond at Victoria, contact Lisa Vecchietti with FishPond Development at lvecchietti@fishpondliving.com.

To learn more about how the City of Victoria encourages housing development, visit www.victoriatx.gov/housing.

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