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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Built in 1969, Ridgecrest Terrace is a Project-Based Section 8 Family property consisting of 19, two story buildings with one, two and three-bedroom apartment homes on 16.27 acres and 250 units. The exterior breezeways provide residents with exterior entrances to each apartment. The property currently features a community room and laundry rooms.
Ridgecrest Terrace will receive over $77,000 per unit in hard cost renovations as part of Steele’s acquisition. The scope of the rehabilitation is extensive, encompassing both exterior and interior work. Important building improvements include new roofs, paint, new central heating and air conditioning systems, sewer repair, and major plumbing and electrical upgrades. Project upgrades include parking lot paving, sidewalk repair, new LED lighting, new perimeter fencing and well as energy-efficiency enhancements; new community building with kitchen, art room and homework room with computer lab; renovated leasing & management office; upgraded laundry rooms; new playgrounds; and picnic tables.
Renovated apartment units will receive updated kitchens with all new appliances, cabinets and countertops; bathrooms with new vanities, toilets and tub surrounds; new wood plank flooring; new interior doors and windows; new fixtures; new plumbing and electrical repairs.
This project is financed with 4% tax credits allocated by the Texas Department of Housing and Community Affairs (TDHCA), tax exempt bonds issued by Dallas Housing Finance Corporation (DHFC), permanent and construction financing provided by KeyBank, and tax credit equity provided by CREA, LLC (CREA).