Steele Properties continues to monitor the current environment as the situation continues to change and evolve. We are, first and foremost, committed to the health and safety of our residents, team members, vendors, partners and the communities that we own and manage. We have adopted new policies and procedures during this crisis that follow the Centers for Disease Control and Prevention (CDC) recommendations and comply with all state and local government mandates to help reduce the spread of the virus.
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Lexington House will receive over $56,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of renovation encompasses both exterior and interior work. Important building improvements include apartment unit updates, new roofs, HVAC systems, and plumbing and electrical upgrades. Project upgrades will include parking lot paving, new entrance and upgraded community room with renovated kitchen and new computer lab. Renovations will begin in May 2020 and last approximately nine months.
This project is financed with 4% tax credits allocated by Virginia Housing Development Authority (VHDA), tax exempt bonds issued by the Industrial Development Authority of the City of Lexington, permanent and construction financing provided by Redstone Tax Exempt Funding, and tax credit equity provided by Raymond James.
Built in 1977, Lexington House is a Project-Based Section 8 Senior and Disabled property consisting of one, three-story building with one-bedroom apartment homes on 2.3 acres. Lexington House is located at 130 Houston Street in Lexington, VA 24450, a short distance from the central business/historical district, Washington and Lee University and Virginia Military Institute, and in close proximity to I-64 and I-81 in the Shenandoah Valley. It is next to Carilion Stonewall Jackson Hospital.