Who Owned Elizabeth Property Group?
The entirely woman-owned Elizabeth Property Group specializes in affordable housing acquisitions and partnered with American South Fund Management for this venture.
The financial details of the acquisition were not disclosed, but the units will remain affordable until 2042 and 2043. The properties, located in Houston, Dallas-Fort Worth, Beaumont, Huntsville, Bryan-College Station, and Wichita Falls, have an average poverty rate of 36 percent and are currently 94 percent occupied. To qualify for these affordable units, renters must have an income that is less than 60 percent of the area’s median income, The Real Deal wrote.
The properties acquired by Elizabeth Property Group include Willow Green in Houston, Woodglen Park in Dallas, Pine Club in Beaumont, Ridgewood West in Huntsville, Saddlewood Club in Bryan, and Tealwood Place in Wichita. The company has plans for significant maintenance and renovation projects at each of these properties.
Tisha Vaidya, co-founder of Elizabeth Property Group, expressed excitement about the opportunity to address affordability on a larger scale. While the Elizabeth Property Group has previously focused on single-property transactions, this acquisition will impact a greater number of families.
The Elizabeth Property Group, founded in 2020, is dedicated to increasing and maintaining affordable housing opportunities. Vaidya also highlighted the benefits of investing in the affordable housing sector, noting the stability of tenants who tend to stay longer when provided with high-quality housing, good services, and a positive environment.
The acquired properties were developed and subsidized through the use of low-income tax credits, a federal subsidy that supports the construction of affordable housing. However, there have been instances of alleged fraud and misuse of these tax credits in recent years.
Elizabeth Property Group’s Partner
American South Fund Management, the Elizabeth Property Group’s partner in this acquisition, has made 22 investments totaling $96 million in various states, with 80 percent of the units considered affordable.
This acquisition aligns with Dallas City Council‘s new affordable housing plan, which aims to address racial disparities and improve housing in disinvested areas. The plan emphasizes the production of affordable housing for low- and middle-income residents but lacks specific funding and production goals at present.