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FTK Awarded Ridgecrest Terrace LIHTC Rehabilitation Contract

April 1, 2021 GMT

ALLEN, Texas--(BUSINESS WIRE)--Apr 1, 2021--

FTK Construction Services, LLC, (FTK) a full-service nationwide General Contractor specializing in Low-Income Housing Tax Credit (LIHTC) rehabilitation projects, is proud to announce that FTK has been awarded the contract for the construction and rehabilitation of Ridgecrest Terrace Apartments in Dallas, Texas. The amount of the contract award is $17,298,065.

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Ridgecrest Terrace Apartments, built in 1969, is a Project Based Section 8 family property consisting of 250 apartment homes in 19 two-story buildings, on 16.27 acres. The property, located at 526 South Walton Walker in Dallas, TX, is owned by Monroe Group based out of Denver, Colorado, in partnership with Steele Properties. The architect for this project is Benton Design Group and the lender for the project is KeyBank. This expansive project required and received approval from the Dallas City Council after an in-depth vetting process.

FTK will complete extensive interior and exterior renovations at Ridgecrest Terrace Apartments over a 22-month time frame. Exterior renovations will include new roofs, paint, central heating and air conditioning, sewer repair, and major plumbing and electrical upgrades. The interior renovation will encompass updating kitchens with new appliances, cabinets, and countertops; bathrooms with new vanities, toilets, and tub surrounds; new wood plank flooring; new interior doors and windows; new fixtures; and new plumbing and electrical repairs. Additional upgrades include parking lot pavement, sidewalk repair, new LED lighting, new perimeter fencing as well as energy efficient enhancements. Also included in the project is a new community building with a kitchen, a new computer lab and a renovated leasing and management office.

FTK, a leader in the Low-Income Housing Tax Credit (LIHTC) and Affordable Housing Project Management sector, has recently completed or has in-process over $138,000,000 in LIHTC projects with zero citations for compliance issues, and has completed 100% of their LIHTC projects on, or ahead of schedule. In February of this year, because of FTK’s demonstrated expertise, financial strength, completed LIHTC project portfolio and upcoming pipeline of projects, The Great American Insurance Company increased FTK’s bonding capacity from their previous $350,000,000 bonding capacity to $500,000,000.

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CEO Jim Goodman shared, “We are very pleased to be awarded this project, and grateful for our longstanding relationship with Monroe Group and Steele Properties. We intend to deliver an outstanding completed project to them and look forward to continuing our partnership.”

FTK continues to ensure that all our project protocols comply with the latest Centers for Disease Control and Prevention (CDC) guidelines for preventing person-to-person transmission of COVID-19 as well as all emergency state and federal executive orders.

About FTK Construction Services
FTK Construction Services is a full-service construction company, with three divisions of Multifamily expertise: Affordable Housing/Low-Income Housing Tax Credit (LIHTC) projects, Market Rate Renovations and Disaster Services/Insurance related property damage restoration. FTK is a nationwide General Contractor with projects completed in 33 states to date.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210401005141/en/

CONTACT: FTK Construction ServicesSales Inquiries: Kim Goodman

Kim.Goodman@ftkmail.comPress Inquiries: Kayla Prine

Kayla.Prine@ftkmail.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: BUILDING SYSTEMS OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING

SOURCE: FTK Construction Services, LLC

Copyright Business Wire 2021.

PUB: 04/01/2021 09:00 AM/DISC: 04/01/2021 09:01 AM

http://www.businesswire.com/news/home/20210401005141/en