Sleepy Hollow Apartments


Property Type: Project Based Section 8 Family Community

Sleepy Hollow Apartments is a family community located close to Monticello High School and Rutherford School in the Catskill Mountain region, 85 miles northwest of New York City.  Monticello is adjacent to New York State Route 17, known as the Quickway. This area is a popular tourist destination with many resorts and gaming salons, surrounded by woodlands and lakes in a natural, pristine setting.

Property Features

Features a mix of one-, two-, three- and four-bedrooms apartments in two- and three-story buildings on almost 26 acres. Renovations encompass extensive exterior and interior work. Apartment homes will undergo renovations that will include new kitchens and bathrooms, as well as other upgrades.

Renovations

Sleepy Hollow Apartments is receiving over $42,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of renovation encompasses both extensive exterior and interior work. Important building improvements include unit updates, new roofs, HVAC systems, and plumbing and electrical upgrades.  Project amenities include a new community building, a new playground and outdoor pavilion, upgraded laundry facility as well as accessibility improvements in parking and common areas.

Investor Partners

New York Homes and Community Renewal, HUD, Citi Bank, and PNC Bank

Property Stats

Units: 228 in 23 buildings

Age: 1974; undergoing renovations to be completed in late 2018