Steele Properties, in partnership with Bell County Housing Finance Corp., announced the $28.8 million acquisition and rehabilitation of Wayman Manor, a 160-unit project-based Section 8 family community in Temple, Texas.

With this deal, the Denver-based firm has closed more than $1 billion in acquisitions, sales, and development activity since its founding in 2006. The transaction also marks the firm’s 15th property in the state and its first in Temple.

The acquisition-rehab of the 160-unit Wayman Manor will result in more than $56,000 per unit in improvements.
The acquisition-rehab of the 160-unit Wayman Manor will result in more than $56,000 per unit in improvements.

The project is financed with 4% low-income housing tax credits allocated by the Texas Department of Housing and Community Affairs (TDHCA), tax-exempt bonds issued by Bell County Housing Finance Corp., permanent and construction financing provided by KeyBank, and tax credit equity provided by Raymond James Tax Credit Funds.

“Steele Properties is committed to ensuring everyone has access to safe, comfortable and quality housing they can afford. This is especially important in Texas, which has significant shortages of low-income housing,” said Hud Karshmer, principal of the firm. “Through this important public and private partnership involving TDHCA, Bell County HFC, the Department of Housing and Urban Development, KeyBank, and Raymond James, we are able to preserve 160 much-needed affordable housing units in Temple.”

Wayman Manor, which was built in 1971, will receive more $56,000 per unit in hard cost rehabilitation, according to Steele Properties. The renovation will encompass both extensive exterior and interior work. Apartment improvements include new kitchens and bathrooms, flooring, and lighting.

Capital improvements include new roofs, HVAC repairs, and façade improvements. Amenity upgrades include a renovated community center with a kitchen, a computer room, a laundry room, a new library, a new fitness center, and a police substation in partnership with the Temple Police Department, as well as a new outdoor picnic pavilion and a playground. Other new features include life-safety upgrades as well as accessibility improvements for sidewalks, parking, and common areas.

Monroe Group, Steele’s sister company, will oversee property management at the project.