Current Projects


Whittier Apartments and Townhomes - Sioux Falls, SD,

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Property Type: Project Based Section 8 Multi-Family

Whittier Apartments and Town Homes is a 144-unit project (formerly known as Heritage Apartments and Rolling Hills Townhouses).

Whittier Apartments consists of two neighboring sites in the Whittier neighborhood of Sioux Falls: Whittier Apartments serves family, elderly and disabled residents and contains three, two-story buildings with elevators and 96 units on 2.53 acres. It is located at 1818 East 3rd Street.  The other site is Whittier Town Homes that serves families and consists of four, two-story town homes with 48 units on 4.57 acres. It is located at 614 North Lewis Street.

Property Features

Whittier Apartments has a mix of studio and one-bedroom apartments. Whittier Town Homes has a mix of three- and four-bedroom apartments.

Renovations

Whittier Apartments and Town Homes will receive over $45,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of renovation encompasses both exterior and interior work. Building improvements include new siding, new roofs, new lighting, windows, HVAC systems and electrical upgrades as well as energy efficiency improvements. Apartment homes will receive interior upgrades including new kitchens and bathrooms. Project amenities include an updated community center and leasing office with computer niche, new playground, new pavilion with picnic area and upgraded laundry rooms.

Financial Partners

This project is financed with 4% tax credits allocated by  South Dakota Housing Development Authority (SDHDA), tax exempt bonds issued by SDHDA, permanent and construction financing provided by Citibank, and tax credit equity provided by National Equity Fund (NEF).

Property Stats

Units: 72 (total); 48 units in three, 3-story buildings for seniors and disabled; 24 townhomes in 4 buildings for families all on 9.1 acres.

Age: 1968 (both); undergoing renovations in 2019


Prince Hall - Fort Worth, TX,

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Property Type: Project Based Section 8 Multi-Family

Prince Hall features a collection of 10, two-story buildings. Located in southwest Fort Worth, Prince Hall is in close proximity to shopping and dining with easy access to public transportation.

Property Features

This property features mix of one-, two-, and three-bedroom residences. Amenities will include an upgraded community room and laundry room, as well as new playground.

Renovations

Prince Hall Apartments will receive over $45,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of renovation encompasses both extensive exterior and interior work. Important improvements include new roofs, new windows, new HVAC systems, plumbing and electrical upgrades and renovated kitchens and bathrooms. Project amenities include a renovated community room with computer lab and kitchen, new playground and upgraded laundry facility as well as accessibility improvements in parking and common areas.

Financial Partners

This project is financed with 4% tax credits allocated by Texas Department of Housing & Community Affairs, tax exempt bonds issued by an affiliate of Fort Worth Housing Solutions, permanent and construction financing provided by Citibank, and tax credit equity provided by Raymond James.

Property Stats

Units: 76

Age: 1968; undergoing renovations to be completed in 2019


Pendleton Place - Memphis, TN,

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Property Type: Project Based Section 8 Multi-Family

Located in east Memphis, this urban community is conveniently located close to Highway 78, schools, dining, churches and shopping. Pendleton Place features a collection of 18, two-story buildings on 7.88 acres.

Property Features

This property features garden-style two-bedroom apartments. Upgraded amenities include a renovated community center and leasing office, updated laundry room and new playground.

Renovations

Pendleton Place will receive approximately $47,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of renovation encompasses both extensive exterior and interior work.  Important health and safety improvements include new sewer lines and plumbing, as well as upgraded security gates. Building upgrades include new roofs, new windows, new siding, HVAC systems, plumbing and electrical upgrades, as well as energy efficiency improvements. Interior renovations include new kitchens and bathrooms, new flooring and interior paint.  Project amenities include a new community center and leasing office, new playground, and new pavilion with picnic area.

Financial Partners

This project is financed with FHA insured 221(d)(4) permanent first mortgage loans originated by PNC Bank, tax exempt bonds issued by the Health, Educational and Housing Facility Board of the City of Memphis and underwritten by Stifel, Nicolaus & Company, 4% tax credits allocated by Tennessee Housing Development Agency and tax credit equity provided by NDC.

Property Stats

Units: 120

Age: 1950/2006; under renovation in 2018 to be completed in 2019.


Keystone Landing - Memphis, TN,

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Property Type: Project Based Section 8 Multi-Family

Keystone Landing features a collection of 12, two-story buildings with 150 garden-style buildings on 9.6 acres. Located 15 miles north of downtown Memphis, this suburban community is close to schools, shopping, churches and the Cunningham Community Center.

Property Features

This property has a mix of one-, two- and three-bedroom residences. Upgraded amenities include a new playground, on-site laundry room and updated community room with computer lab. Apartment homes.

Renovations

Keystone Landing 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. Building improvements include new siding, new roofs, new lighting, windows, HVAC systems and electrical upgrades as well as energy efficiency improvements.  Apartment homes will receive interior upgrades including new kitchens and bathrooms. Project amenities include an updated community center and leasing office with computer niche, new playground and upgraded laundry room.

Financial Partners

This project is financed with FHA insured 221(d)(4) permanent first mortgage loans originated by PNC Bank, tax exempt bonds issued by the Health, Educational and Housing Facility Board of the City of Memphis and underwritten by Stifel, Nicolaus & Company, 4% tax credits allocated by Tennessee Housing Development Agency and tax credit equity provided by NDC.

Property Stats

Units: 150

Age: 1973/1988; under renovations in 2018 to be completed in 2019

 


Sleepy Hollow Apartments - Monticello, New York

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, North Carolina

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


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