Updated June 12: The groundbreaking ceremony originally scheduled for June 13 has been postponed due to inclement weather.

Realtex Development Corporation, an Austin-based multifamily developer, and its partners, Zieben Group and 42 Equity, have partnered to build a $16 million affordable housing community to serve the growing senior population in Victoria. 

The Victorian will be a high-quality, 68-unit community located at 1001 John Stockbauer Drive, and it will offer independent senior living in one- and two-bedroom apartments for residents 55 and older.

Local leaders and stakeholders plan to host a groundbreaking ceremony for the project. City Manager Jesús A. Garza and Realtex Development Corporation President Rick J. Deyoe will be among the speakers at the event.

“The Victoria City Council has been a pillar and beacon of light in the Victoria community for the past years,” Deyoe said. “The City’s support played a crucial role in bridging financial shortfalls to ensure the project moved forward despite rising construction costs and other market challenges.”

Leasing is expected to begin June 1, 2026, and the apartments are projected to open in October 2026.

Support from the City

In 2023, the Victoria City Council passed a resolution of support for the project to boost Realtex’s application for the Texas Department of Housing and Community Affairs’ (TDHCA) competitive Housing Tax Credit Program, which helped fund the project.

Previously, in 2020, Garza and then-Assistant City Manager Mike Etienne successfully advocated for changes to the TDHCA program criteria that have helped Victoria developments compete with projects in larger and more densely populated cities such as Corpus Christi.

The City also partnered with Realtex Development Corporation on Enchanted Gardens, an affordable apartment complex that opened in 2022. Enchanted Gardens was funded in part by the TDHCA’s noncompetitive tax credit program and Victoria Housing Finance Corporation bonds.

“The shortage of affordable housing is a struggle in large and small cities throughout our state, and Victoria is no exception,” Garza said. “The City of Victoria has increased our efforts to support housing development in recent years, and we are pleased to welcome this project that will fill an important gap in our community by providing an affordable option for our older residents.”

How it’s funded

This new construction development was made possible with TDHCA housing tax credits, which were purchased by 42 Equity Partners, LLC. Other financing sources include loans for construction provided by IBC Bank and the Victoria Housing Finance Corporation, which must be repaid by the developer. Once construction is completed, Cedar Rapids Bank and Trust (“CRBT”) will be providing the permanent financing for the project. 

“These funding sources were essential not just in bringing this project to life, but in ensuring that it remains a long-term, sustainable solution for Victoria’s growing senior population in need of affordable housing,” Deyoe said.

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.

About the apartments

The three-story community includes one- and two-bedroom units and features amenities such as elevators, a community center with a state-of-the-art fitness center, a business center, an activities room, an onsite leasing facility, mailbox kiosks with package delivery, a resort-style pool, a dog park and barbecue areas for picnics. Also, each apartment unit features amenities such as 9-foot ceilings, outdoor balconies, walk-in closets in all bedrooms, energy-efficient appliances and utility fixtures, and washer and dryer hookups.

The community was designed by Element Architects and will be built by general contractor Nations Construction of Houston.

Most of the units will be reserved for households at or below the 60% median family income. Of the 68 units:

• 6 units are reserved for households at or below 30% MFI
• 12 units are reserved for households at or below 50% MFI
• 42 units are reserved for households at or below 60% MFI
• 8 units are at market value with no income restrictions.

“Developments like The Victorian are essential in providing stable housing for older adults who are often priced out of the market,” said Alma Cobb, vice president of Realtex Development Corporation. “Our residents and team members work together with compassion and care to live life to the fullest.” 

Cobb said the project is designed to provide amenities and services that will allow senior residents to enjoy maximum independence as they age in place in the area where many have raised their children and have lived for many years.

“As housing costs continue to rise, many seniors—whether on fixed incomes or still working—struggle to find safe, accessible and community-oriented living options that meet their needs," Cobb said. “The Victorian Senior Apartments will give seniors in Victoria a nice, new, viable place to live.”

Lee Zieben, founder and president of the Zieben Group, said that Realtex Development Corporation and Zieben Group both share the same vision when it comes to quality housing for seniors.

“We are trying to build a better society in which people can live,” Zieben said.

Stay connected

For questions about the property or rental information, contact Alma Cobb, vice president of property management for Realtex, at acobb@realtexdevelopment.com.

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