posted on July 09, 2010 01:13
The former Jean LaFitte Hotel in Galveston has been acquired for redevelopment into a mixed-income apartment complex.
Itex Partners, the real estate investment arm of Port Arthur-based Itex Group LLC, has acquired the historic building at 2101 Church St. that has stood vacant for a long time in downtown Galveston.
State and federal disaster recovery funds will be used to renovate the 1927 building, with half of the units earmarked for low and moderate income housing.
Cathay Bank sold the property to Itex for an undisclosed amount.
Derek Hargrove and Christopher Dray of Moody Rambin Investment Services represented the seller.
June 28th, 2010 | Houston Business Journal | Jennifer Dawson