FTK Awarded New LIHTC Housing Project in Beaumont, TX
FTK Construction Services, a full-service general contractor with a strong national footprint in affordable housing and Low-Income Housing Tax Credit (LIHTC) projects, is proud to announce its newest venture: the preservation and rehabilitation of Seville Apartments, an established affordable housing community in Beaumont, Texas.
The project represents a significant investment in housing stability and quality of life for residents, reaffirming FTK’s commitment to enhancing affordable housing stock across the United States. The total contract value is $4,511,127, with work scheduled to span approximately 12 months.
The 90-unit property, originally constructed in 1980, is undergoing a major transformation that will update the apartments to modern standards while preserving long-term affordability for the community. The initiative is led by Steele Properties, a Denver-based national real estate investment company that specializes in the acquisition, rehabilitation, and development of affordable rental housing. Steele’s sister company, Monroe Group Ltd., will provide property management services, ensuring the community’s sustainability and operational excellence after construction.
Key project partners also include Benton Design Group (BDG), serving as the architect of record, and Ready Capital, the project lender. Together, these organizations form a cohesive team dedicated to executing a project that balances efficiency, quality, and resident well-being.
Scope of Work and Renovation Plans
The rehabilitation of Seville Apartments will include comprehensive interior and exterior upgrades designed to modernize living spaces, improve energy efficiency, and enhance community amenities.
Interior Renovations:
- Replacement of flooring throughout units with durable, modern materials.
- Fresh interior painting to create a cleaner, brighter living environment.
- Installation of new appliances to improve functionality and energy efficiency.
- Countertop and cabinetry replacements for kitchens, enhancing both aesthetics and usability.
- Bathroom upgrades including fixtures, vanities, and improved finishes to ensure comfort and durability.
Exterior Renovations and Site Improvements:
- Roofing upgrades to enhance protection and extend the property’s lifecycle.
- HVAC system updates, ensuring improved air quality, resident comfort, and energy efficiency.
- Development of outdoor community spaces including new picnic areas designed for family-friendly gatherings.
- Renovations to the community room and computer lab, fostering resident engagement, education, and social opportunities.
- Broader site enhancements such as landscaping and infrastructure upgrades, improving curb appeal and livability.
This combination of interior and exterior renovations reflects a holistic preservation approach that not only improves individual units but also elevates the community as a whole.
Longstanding Partnership and Client Relationships
FTK Construction Services has a proven record of delivering successful LIHTC projects for Steele Properties and Monroe Group across the United States. This latest project builds on years of collaboration rooted in professionalism, trust, and shared values.
Jim Goodman, CEO of FTK Construction Services, expressed gratitude for the ongoing relationship, noting:
“We feel very appreciative of the partnership we have with Monroe Group and Steele Properties. They provide the highest level of professionalism on every project, and for FTK, every project is an opportunity to continue to deliver our expertise and consistency. The Seville project is another notable example of engaging The Right Team, at The Right Time, with The Right Technology.”
FTK’s “Right Team, Right Time, Right Technology” philosophy has guided its approach to affordable housing rehabilitation, emphasizing quality, timeliness, and the adoption of innovative construction solutions.
The Importance of LIHTC and Affordable Housing Preservation
Affordable housing preservation projects like Seville Apartments play a vital role in meeting housing needs across the country. Since its inception, the LIHTC program has been the federal government’s primary tool for encouraging private investment in affordable housing. By leveraging tax credits, developers and contractors can finance necessary upgrades while maintaining affordability for residents who might otherwise be priced out of the market.
In Beaumont and across Texas, affordable housing demand continues to rise. According to recent housing studies, many families in the region face significant rent burdens, with limited affordable options available. Preserving existing communities through rehabilitation is often more cost-effective than new construction, and it ensures that residents benefit from both upgraded living conditions and long-term affordability protections.
Projects like Seville Apartments also contribute to community stability, supporting local economies and improving neighborhood quality of life. By upgrading infrastructure, introducing new amenities, and extending the life of affordable housing, FTK and its partners are helping ensure that residents have access to safe, dignified, and sustainable homes for years to come.
About FTK Construction Services
FTK Construction Services has built its reputation as a trusted general contractor through decades of experience and a focus on affordable housing and LIHTC projects nationwide. The company’s expertise spans acquisition-rehabilitation, preservation, and new construction, with a proven ability to manage complex projects across diverse markets.
Known for its client-centered approach, FTK emphasizes partnership, transparency, and quality workmanship. Its national portfolio includes numerous successful collaborations with housing authorities, nonprofit organizations, and private developers. Beyond construction, FTK prides itself on being a mission-driven partner that helps deliver safe, sustainable housing solutions to vulnerable communities.
About Steele Properties and Monroe Group
Steele Properties, LLC, headquartered in Denver, Colorado, is a national leader in affordable housing investment and development. Since its founding, Steele has acquired, developed, and rehabilitated thousands of affordable housing units across multiple states. Its expertise lies in preserving existing housing stock while also undertaking new construction projects that address the growing demand for affordable homes.
Monroe Group Ltd., Steele’s sister company, is one of the country’s fastest-growing affordable housing property management firms. With a portfolio spanning numerous states, Monroe Group provides professional, resident-focused management services that ensure long-term property success and community stability.
Together, Steele and Monroe represent a powerful combination of investment strategy and operational excellence, consistently delivering positive outcomes for residents, investors, and communities.
