Current Projects


Summit Ridge Apartments - Center Point, Alabama

Summit Ridge Exterior ()

Property Type: Project Based Section 8 Multi-Family

Summit Ridge Apartments is a collection of twenty-four family, two-story walk-up buildings on 19.4 acres located in 15 miles northeast of downtown Birmingham and easily accessible to Center Point Parkway (Highway 75).

Property Features

The property has a mix of one-, two- and three-bedroom garden style apartment homes. Upgraded amenities include a new management and community center with new computer lab and central laundry facility. Outside, there will be new picnic areas, pavilion and centrally located playground will also be installed.

Renovations

Summit Ridge will receive over $37,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition.  The Summit Ridge scope of renovation encompasses extensive exterior and interior work. Buildings will receive new roofs, exterior doors, siding repairs and attic insulation for increased energy efficiency. The complex also will receive hard wired smoke and carbon monoxide detectors and improved lighting throughout the complex. Upgraded amenities include a new management and community center, pavilion and picnic area, as well as a new laundry facility for residents. A new centrally located playground also will be installed.

Financial Partners

Alabama Housing Finance Authority, HUD, PNC Bank and Citi Community Capital

Property Stats

Units: 200 in 24 two-story walkup buildings on 19.6 acres

Age: 1975; Steele renovations in 2018


Sleepy Hollow Apartments - Monticello, New York

Sleepy Hollow Apartments Welcome

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


Raleigh Millbank Apartments - Raleigh, North Carolina

Raleigh North Exterior

Property Type: Project Based Section 8 Family Community

Under Renovation to be completed in 2018

Raleigh Millbank is a family community located close to Lion’s Park and the Boys & Girls Club in East Raleigh.

Property Features

Features a mix of two- and three-bedroom apartments in 43, two-story townhome-style buildings. 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

Raleigh Millbank will receive approximately $49,000 per unit in hard cost rehabilitation. The scope of renovation encompasses both extensive exterior and interior work.  Important building improvements include new roofs, windows, HVAC systems, plumbing and electrical upgrades as well extensive health, safety and security enhancements and energy efficiency improvements.  Interior renovations include new kitchens and bathrooms, new flooring and interior paint.  Project amenities include a renovated community building with a new laundry facility.

Financial Partners

North Carolina Housing Finance Agency, HUD, City of Raleigh, NDC and R4 Capital

Property Stats

Units: 230 in 43 buildings

Age: 1970; undergoing renovations to be completed in late 2018


Acadia (Maine) Portfolio - Waterville, Maine

Galandscape

ACADIA (MAINE) PORTFOLIO

Steele’s Maine Portfolio consists of seven family and senior Project Based Section 8 properties: Fairfield Family Apartments (Fairfield, ME), Fort Halifax Commons (Winslow, ME), MC Smith Apartments (Farmington, ME), Pittsfield Gardens (Pittsfield, ME), Richmond Senior Citizens Park (Richmond, ME), Sherwood Apartments (Farmington, ME) and West-Front Residences (Skowhegan, ME); and one non-Section 8 (LIHTC), affordable family property: Green Acres Estates (West Bath, ME).

Renovations

The scope of renovation will vary by property and encompasses extensive exterior and interior work as well as substantial energy efficiency upgrades. Rehabilitation costs will be over $42,000 per unit in hard cost construction spread across the portfolio.  Interior upgrades include upgraded plumbing and electrical, paint, flooring and doors. Kitchens will be upgraded and bathrooms will receive new vanities, tub surrounds and fixtures. ADA conversions will also be completed at 12 units across the properties.  Two new community buildings with laundry facilities will be constructed for the project, one for the southern portion of the of the project and one for northern portion.  New playgrounds (for multi-family properties) also will be installed.

Financial Partners

MaineHousing, HUD and PNC Bank

 

 


Valley Brook Apartments - Birmingham, Alabama

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Property Type: Project Based Section 8 Family

Under renovation and rehabilitation to be completed 2018

Valley Brook Apartments is a collection of sixteen multi-family, two-story buildings on 21 acres located in northeast suburban Birmingham and easily accessible to Center Point Parkway (Highway 75).

Property Features

Valley Brook has a mix of one-, two- and three-bedroom apartment homes. Each unit is being refurbished with upgraded energy efficient lighting fixtures and water saving fixtures. Kitchens are receiving new cabinets, countertops, Energy Star appliances including a vent hood/microwave. Bathrooms are receiving new vanities, tub surrounds and fixtures. Full ADA conversions also will be completed on 12 units in the apartment complex.

Renovations

Valley Brook is receiving over $47,000 per unit in hard cost rehabilitation. The renovation scope encompasses extensive exterior and interior work. There will be a new community center with computer lab and central laundry facilities for residents, as well as a new centrally located playground. Vinyl siding throughout the complex was replaced with durable siding systems and all buildings received new roofs. The complex is also receiving life-safety upgrades for resident safety including hard wired smoke and carbon monoxide detectors, a new key fob controlled vehicular access gate with security guard shack, security patrols by the Birmingham Police Department, new security camera system and improved lighting throughout the complex.

Financial Partners

Alabama Housing Finance Authority, HUD, PNC Bank and R4 Capital

Property Stats

Units: 240 in 16 buildings

Age: 1972 with renovations in 1995; Steele renovations in 2018