By: Dru Childre
Spring 2009
Realtex Development Corporation (“RDC”) is proud to announce the final completion of Washington Village Apartments located in Wichita Falls, Texas. Washington Village, a 96-unit residential multi-family apartment community consisting of spacious 1, 2 and 3 bedroom apartment homes nestled in a tree-lined serene neighborhood, is a direct result of a committed team effort led by Rick Deyoe, Realtex’s President. The team included his senior development and construction teams, an assortment of financing institutions, and community-based organizations. Together they were able to craft this luxurious and affordable multi-family apartment community.
The Mayor of Wichita Falls was recently quoted as saying, “It will provide quality affordable housing to individuals who may not otherwise have an option to experience such a high quality living environment”. Through a creative and diverse effort on behalf of everyone involved, a complex layer of financing was achieved. By utilizing Low Income Housing Tax Credits, a loan from PNC Multifamily Capital, and local participation through collaborative funding from Southeast Texas Housing Finance Corporation and Nortex Housing Finance Corporation, Realtex was able to move forward to successfully complete the development. Many feel the development has already made a significant impact in the lives of so many individuals and families and has helped to fuel the much-needed community revitalization in this area of Wichita Falls.
The site of Washington Village Apartments formerly housed the historic Booker T. Washington High School, the first African-American high school in Wichita Falls, from 1922 – 1963. Closely working together with Realtex, they were successful in the removal of the dilapidated and boarded-up high school building that enabled Realtex to transform the site into this new and beautiful residential multi-family community that residents and the Alumni will be able to enjoy for a lifetime. To commemorate the historical significance of the Booker T. Washington site, Realtex erected a permanent memorial made of Italian granite depicting the original Booker T. Washington High School and Mascot. The memorial also provides a relaxing and serene area nestled between two Sycamore trees. The Washington Village Community clubhouse was specifically design ed to provide a new home for the Booker T. Washington Alumni Association to utilize as their Social Services Center. This area consists of approximately 3,000 sq. ft. and is available for the Alumni Association’s members to h old social events and meetings. The Social Services Center is decorated with well preserved aged photographs of the Alumni Past Presidents and major events that occurred throughout the school’s history, as well as a wall of trophies that are beautifully displayed in custom cabinetry u sing the bricks taken from the original high school auditorium building.
Washington Village Apartments is a great example of how developers, the city, and local groups worked together with local and national funding organizations to create a quality affordable inner-city housing community that will encourage additional neighborhood revitalization.
The Development hosts all the amenities typically found in any luxury apartment community, including a pool, a clubhouse with activities room, business center, fitness center, and a supportive services area where the property’s activity director coordinates various services for the residents, such as after school programs.
Washington Village is available for all qualified individuals and families whose total household income does not exceed 60% of the area median income limits.