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Current Projects


Wisconsin Lakeshore Portfolio - Waukesha,

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Steele’s Lakeshore Portfolio consists of three Project Based Section 8 properties located throughout the state:

  • Forest Towers Metro (Milwaukee and Kenosha): 54-unit elderly and disabled property with 38 units in garden-style buildings located at 4 sites in Milwaukee and 16 units in Kenosha.
  • Meadows Apartments (Milwaukee): 16-unit disabled property in garden-style buildings.
  • Senior House (Waukesha): three-story, 33-unit elderly property.

The scope of renovation varies by property and encompasses exterior and interior work as well as energy efficiency upgrades, life-safety upgrades and ADA conversions. Upgrades include upgraded plumbing and electrical, paint, flooring and doors, as well as kitchen and bathroom updates. The properties will undergo approximately $35,000 per unit in hard cost work spread across the portfolio.

This project is financed with 4% tax credits allocated by the Wisconsin Housing & Economic Development Authority (WHEDA), tax exempt bond financing provided by WHEDA, and tax credit equity provided by PNC Real Estate.


Lexington House - Lexington, VA,

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.


Wayman Manor - Temple, TX,

Wayman Manor Exterior ()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.


Pythian Manor - Dallas, TX ,

Pythian Manor, a 76-unit Project Based Section 8 affordable senior and disabled property in Dallas, TX, was purchased in October and is under renovation.  This marks Steele Properties’ sixth acquisition in the Dallas-Fort Worth metroplex, and fourteenth property in Steele’s Texas portfolio.

Pythian Manor is receivingImg () over $42,500 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of the renovation encompasses both exterior and interior work. Important apartment improvements include new kitchens and bathrooms, new flooring and new lighting. Capital improvements include new roofs, chiller repairs, façade improvements, a renovated community room with kitchen, upgraded laundry room, as well as accessibility improvements for sidewalks, parking and common areas.

This project is financed with 4% tax credits allocated by the Texas Department of Housing and Community Affairs (TDHCA), tax exempt bonds issued Texas State Affordable Housing Corporation (TSAHC), permanent and construction financing provided by Redstone Tax Exempt Funding, and tax credit equity provided by National Development Council (NDC).

Built in 1968, Pythian Manor Apartments is a Project-Based Section 8 Senior and Disabled property consisting of 76 units in one, two-story building with a mix of studio and one-, bedroom apartment homes on 4.8 acres. Pythian Manor Apartments is located at 2719 East Illinois in Dallas, TX 75216.

 


Sheridan Square - Sheridan, WY,

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.


Amberly Square - Columbus,OH,

Amberly Square is undergoing an extensive rehabilitation. This marks Steele Properties’ first acquisition in Ohio and nineteenth state in Steele’s national portfolio. The property is receivingAmberly Exterior over $44,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of the renovation encompasses extensive exterior and interior work. Important apartment improvements include new kitchens and bathrooms, new flooring, new lighting and sewer repairs. Capital improvements include new roofs, façade improvements, a renovated community room with computer lab, upgraded laundry room, as well as accessibility improvements for sidewalks, parking and common areas.

This project is financed with 4% tax credits allocated by The Ohio Housing Finance Agency (OHFA), tax exempt bonds issued by OHFA, permanent and construction financing provided by Redstone Tax Exempt Funding, and tax credit equity provided by National Equity Fund (NEF).

Built in 1971, Amberly Square Apartments is a Project-Based Section 8 Family property consisting of 8, two-story buildings and 112 units with a mix of one-, two- and three-bedroom apartment homes on 6.4 acres. Amberly Square is located at 2730 Brandy Drive in Columbus, OH 43232.


Belle Meade Apartments - Greenville, SC,

Updated Exterior ()Belle Meade Apartments is currently undergoing extensive renovations, receiving over $54,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of the renovation encompasses both extensive exterior and interior work. Important building improvements include new kitchens and bathrooms, new flooring, new roofing, upgraded heating and air conditioning, and plumbing and electrical upgrades. Project amenities include a renovated community room with computer lab, upgraded laundry room, a new playground and picnic tables, as well as accessibility improvements in parking and common areas and security upgrades. Substantial site security upgrades also will be installed as part of the renovation.

This project is financed with 4% tax credits allocated by South Carolina State Housing Finance and Development Authority (SC Housing), tax exempt bonds issued by SC Housing, permanent and construction financing provided by Redstone Tax Exempt Funding, and tax credit equity provided by National Equity Fund (NEF).

Built in 1980, Belle Meade Apartments is a Project-Based Section 8 Family property consisting of 14, two-story buildings and 100 units with a mix of one-, two- three-and four-bedroom apartment homes on 12.9 acres. Belle Meade Apartments is located at 25 Fleetwood Drive in Greenville, SC 29605.


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