Steele Properties announced the $17.7 million acquisition and rehabilitation of Amberly Square Apartments, a 112-unit project-based Sec. 8 family complex in Columbus, Ohio.
The deal marks the Denver-based real estate investment and development firm’s first acquisition in Ohio and 19th state in its portfolio. The firm’s sister company, Monroe Group, will oversee property management at Amberly Square.
Built in 1971, Amberly Square Apartments will receive over $44,000 per unit in hard cost rehabilitation as part of the acquisition. 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 a computer lab, an upgraded laundry room, as well as accessibility improvements for sidewalks, parking, and common areas.This project is financed with 4% low-income housing tax credits and tax-exempt bonds from the Ohio Housing Finance Agency (OHFA), permanent and construction financing provided by Red Stone Tax Exempt Funding, and tax credit equity provided by National Equity Fund (NEF). The Department of Housing and Urban Development (HUD) was also a partner.
“Affordable housing is critically important, yet this resource has become increasingly scarce throughout our country, including Ohio. Our investment in Amberly Square gives us the opportunity to preserve 112 much-needed affordable housing units in Columbus through a public and private partnership involving OHFA, HUD, NEF, and Red Stone.” says Hud Karshmer, principal, Steele Properties.