Current Projects


Summit Ridge Apartments - Center Point, AL,

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, NY,

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, NC,

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


Porter House - Greeley, CO,

Property Type: LIHTC

Under construction (completed in 2018)

This new multi-family complex is located at 29th Street and 58th Avenue in suburban Greeley, close to Highway 34. This is a new construction project.

 Project Features

Porter House offers one, two and three-bedroom open plan apartments with energy-star appliances, washer/dryer connections and patio or balcony. Amenities include Club House with community room and kitchen, business center with computer lab and free WiFi Access, fitness center, and central laundry facility. The complex also offers tennis court, picnic areas and playground on landscaped grounds.

Financial Partners

Colorado Housing and Finance Authority, Colorado Department of Local Affairs (CDBG-DR funds), HUD, City of Greeley,

Project Stats

Units: 100 units in five buildings on 10 acres

Age: New, under construction


Acadia (Maine) Portfolio - Waterville, ME,

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

 

 


Brooks Manor, TX - West Columbia, TX,

Brooks Manor Ix

Under Renovation to be completed in 2018

Brooks Manor is a senior housing community located in 55 miles southwest of Houston, TX. It is within walking distance to the West Columbia Business District.

Property Features

Features one-bedroom apartment homes in 11, one-story walk-up, garden style apartments on five acres. All units are receiving interior upgrades including updated kitchens with energy efficient appliances, new bathrooms with new vanities, tub surrounds and fixtures, energy efficient lighting fixtures, as well as upgraded plumbing and electrical, paint and flooring. The complex will receive upgraded community room with kitchen and computer niche; and upgraded laundry facility.

Renovations

Brooks Manor will receive over $37,000 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 new roofs, HVAC systems, plumbing and electrical upgrades.  Project amenities include a renovated community building, including new computer niche as well as accessibility improvements in parking and common areas.

Financial Partners

Texas Department of Housing and Community Affairs; Texas State Affordable Housing Corporation; HUD, Fannie Mae; PNC Bank; Stifel, Nicolaus & Company

Property Stats

Units: 50

Age: 1981; undergoing renovations to be completed in late 2018


Valley Brook Apartments - Birmingham, Alabama

Img 3670

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


Casa Nueva - Hartford, Connecticut

Casa nueva apartments portfolio

Property Type: Project Based Section 8 Family Community

Conveniently located in central Hartford’s Frog Hollow neighborhood, Casa Nueva is a walk-up, garden-style multi-family community in close proximity to shopping and dining with easy access to public transportation. Originally built in 1910, Casa Nueva was converted to affordable housing in 1979. In 2011, Casa Nueva was accepted into HUD’s Green Retrofit Program resulting in approximately $1.5 million renovations including new windows, roofs and boilers.

Property Features

Casa Nueva is a 79-unit, 100% Project-Based Section 8 property consisting of 11 three- and four-story walk-up garden-style buildings. The total complex is 96,821 square feet. The property has 11 one-bedroom units, 26 two-bedroom units, 29 three-bedroom units, 11 four-bedroom units and 2 five-bedroom units. There are four ADA accessible units and two hearing/visually impaired units.

Renovations

The $39,000 per unit renovation includes extensive exterior and interior upgrades. Casa Nueva is receiving life-safety upgrades including parking lot and sidewalk repairs, common area repairs, balcony repairs and replacement of existing smoke and carbon monoxide detectors, as well as LED lighting throughout the complex. Additional amenities include Wi-Fi internet access, renovated laundry rooms and upgraded outdoor gathering spaces with playgrounds. Apartment units received upgraded plumbing and electrical, flooring and doors, new energy efficient appliances in kitchens and upgraded bathrooms with new vanities and fixtures.  Additional upgrades will include cable access and upgraded central heating and air conditioning.

Financial Partners

Connecticut Housing Finance Authority, HUD, Tax Exempt Bonds, R4 Capital

Property Stats

Units: 79 under renovation in 11 buildings

Age: Built in 1910; renovations in 1979 and 2011; Steele renovations completed in early 2018


Rolling Hills - Winston-Salem, North Carolina

050 (2)

Property Type: Project Based Section 8 Multi-Family Community

Rolling Hills is a multi-family community consisting of six, two-story brick buildings. Built in 1971, this property located just minutes from downtown Winston-Salem and in close proximity to shopping, dining and public transportation.

Property Features

Rolling Hills Apartments has 1-, 2-, 3- and 4-bedroom apartments in six, two-story garden and town home-style buildings on nearly eight acres.

Renovations

Rolling Hills is completing extensive exterior and interior renovations. The $42,700 per unit renovation included upgraded plumbing and sewer line repairs to insure there are no more leaks or sewer backups, as well as major exterior renovations including new exterior doors to meet HUD standards. New safety features include LED lighting throughout the complex, security cameras and security patrols. Upgraded amenities include a renovated management office and community center with computer lab and upgraded laundry room, and new outdoor playground. Apartment units received new flooring, upgraded kitchens and bathrooms, as well as new energy efficient heating and air conditioning, and hot water heaters.

Financial Partners

North Carolina Housing Finance Agency, City of Winston-Salem, HUD, National Development Council (NDC) and R4 Capital.

Property Stats

Units: 110 units

Age: 1971 with Steele renovations completed by the early 2018


Peoples Shaddai Village - Dallas, Texas

Img 3616 (2)

Peoples El Shaddai Village is a family complex is comprised of 23 two-story, garden-style buildings on 6.3 acres in south Dallas close to I-45.  The property recently completed extensive renovations.

Property Features

Features a mix of one-, two-, three- and four-bedroom residences. Upgraded amenities include community room with kitchen, computer lab, and central laundry facility. There is also a new playground and picnic area with grills and renovated pavilion.

Renovations

Peoples El Shaddai Village completed extensive interior and exterior renovations. The property received $37,000 per unit in rehabilitation, in addition completely new gaslines were installed throughout the complex. Exterior renovations include all new siding and roofing. Apartment homes received all new kitchens, bathrooms, windows and doors, ceiling fans and lighting. Security upgrades include new LED lighting and security cameras throughout the complex.

Financial Partners

Texas Department of Housing and Community Affairs, Texas State Affordable Housing Corporation, HUD, R4 Capital.

Property Stats

Units: 100

Age: 1970 with Steele renovations completed in late 2017