ALLEN, Texas — FTK Construction Services has completed a $13.6 million Low-Income Housing Tax Credit (LIHTC) rehabilitation project at West Virginia Park, a 204-unit affordable housing community in Dallas, Texas.
The grand reopening ceremony was held Jan. 22, 2026, and drew representatives from April Housing leadership, Blackstone Real Estate, PNC Bank and the City of Dallas. The property, originally constructed in 2004, includes one-, two- and three-bedroom apartment homes. The total contract value for the renovation was $13,687,175, with financing provided by PNC Multifamily Capital.
The rehabilitation effort focused on modernizing both interior and exterior elements of the community to improve quality of life for residents while preserving long-term affordability.
Interior upgrades across the 204 residential units included fresh paint, new cabinetry and countertops, updated plumbing fixtures and appliances, new flooring, lighting fixtures and hot water heaters. HVAC systems in the units were also replaced to improve energy efficiency and reliability.
Common areas and site improvements were a key component of the project. Exterior renovations included new paint, paving upgrades and landscaping enhancements. Community amenities such as the playground, pool and fitness center were also refreshed and updated.
FTK said the work aligns with the ownership’s broader strategy of reinvesting in affordable housing properties to ensure long-term sustainability and livability for residents.
The owner of West Virginia Park is April Housing, a portfolio company of Blackstone Real Estate. April Housing is among the largest owners and preservers of affordable housing in the United States and has completed the preservation of more than 3,000 affordable homes nationwide since 2024.
The LIHTC program, a federal tax incentive designed to encourage private investment in affordable rental housing, often serves as a critical funding tool for preservation and rehabilitation projects like West Virginia Park. By leveraging LIHTC financing, owners can modernize aging properties while maintaining rent restrictions for income-qualified residents.
"Housing is such a critical, life-altering part of stabilizing a community,” said Mark Frazier, FTK’s Chief Operating Officer. “We applaud April Housing's commitment to providing quality affordable housing across the nation, and our team is proud to support that goal by delivering quality renovations like this one at West Virginia Park."
FTK Construction Services operates nationwide as a full-service general contractor with specialized expertise in affordable housing preservation, multifamily renovations and disaster-related property restoration.
Over the past 25 years, FTK has completed or is currently managing projects in 36 states, including more than 7,500 rehabilitated LIHTC units and more than 30,000 multifamily units overall.
Company leaders say demand for preservation work continues to grow as aging affordable housing stock across the country requires modernization to meet current building standards and resident expectations. Projects like West Virginia Park reflect a broader trend of reinvestment in existing communities rather than relying solely on new construction to address housing shortages.
With the Dallas renovation now complete, FTK and its partners say the updated community is positioned to provide stable, quality housing for residents for years to come.
Originally reported by Business Wire.
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