Wayman Manor, a 160-unit Project Based Section 8 affordable family complex in Temple, TX was recently acquired and is currently starting renovations. This marks Steele Properties’ first acquisition in Temple, TX and 15th property in Steele’s Texas portfolio. The property is receiving over $56,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of the renovation encompasses both extensive exterior and interior work. Apartment improvements include new kitchens and bathrooms, new flooring and new lighting.
Capital improvements include new roofs, HVAC repairs and façade improvements. Amenity upgrades include a renovated community center with a kitchen, computer room, laundry room, new library, new fitness center and Police Substation in partnership with the Temple Police Department; new outdoor picnic pavilion with new BBQ grills; and new playground. Other new features include life-safety upgrades, as well as accessibility improvements for sidewalks, parking and common areas.
This project is financed with 4% tax credits allocated by Texas Department of Housing and Community Affairs (TDHCA), tax exempt bonds issued by Bell County Housing Finance Corporation, permanent and construction financing provided by KeyBank, and tax credit equity provided by Raymond James.
Built in 1971, Wayman Manor is a Project-Based Section 8 family property consisting of 160 units in 10, two-story, garden style buildings with a mix of one-, two- and three-bedroom apartment homes on 9.48 acres. Wayman Manor is located at 1811 East Avenue K in Temple, TX 76501.