Steele Properties has acquired a 75-unit project-based Sec. 8 property in Sheridan, Wyo. The deal marks the firm’s first acquisition in the state and the 20th state in the firm’s portfolio.
Under the $8.5 million acquisition and rehabilitation, Sheridan Square will receive over $28,000 per unit in hard-cost rehabilitation, including new roofing, new doors, upgraded safety and security features, and updated HVAC. Other project renovations include a renovated community room with a kitchen and a computer lab, upgraded common area lighting, as well as ADA unit conversions.
This project is financed with 4% low-income housing tax credits allocated by Wyoming Community Development Authority (WCDA), tax-exempt bonds issued by WCDA, permanent and construction financing provided by Red Stone Tax Exempt Funding, and tax credit equity provided by National Equity Fund.
Built in 1978, Sheridan Square has a mix of one- and two-bedroom apartments for seniors and disabled residents.
Monroe Group, Steele’s sister company, will oversee property management at Sheridan Square.