Sheridan Square, a 75-unit Project Based Section 8 affordable housing complex in Sheridan, WY, was recently acquired and is currently undergoing renovations. This marks Steele Properties’ first acquisition in Wyoming and twentieth state in Steele’s national portfolio.
Sheridan Square is receiving over $28,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of the renovation encompasses important building improvements including new roofing, new doors, upgraded safety and security features and updated HVAC. Other project renovations include a renovated community room with kitchen and computer lab, upgraded common area lighting, as well as ADA unit conversions.
This project is financed with 4% tax credits allocated by Wyoming Community Development Authority (WCDA), tax exempt bonds issued by WCDA, permanent and construction financing provided by Redstone Tax Exempt Funding, and tax credit equity provided by National Equity Fund (NEF).
Built in 1978, Sheridan Square is a Project-Based Section 8 Senior and Disabled property consisting of one, six-story building with a mix of one and two-bedroom apartment homes on 0.9 acres. Sheridan Square is located at 200 Smith Street, Sheridan, WY 82801, near I-90 and Bighorn National Forest.