Denver-based Steele Properties has acquired Prince Hall Apartments, a 76-unit Section 8 affordable family complex located at 4820 E. Berry St. in southwest Fort Worth in what it said in a news release was a $10.5 million acquisition and rehabilitation in partnership with Fort Worth Housing Solutions, formerly known as the Fort Worth Housing Authority.
Steele, in the release, described itself as a “national real estate investment and development company specializing in affordable family, senior and disabled housing.”
The company acquired Sabine Place Apartments at 1215 Terminal Road in Fort Worth in February 2018 and the property is currently being renovated.
“Prince Hall Apartments will receive over $45,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition,” the company said.
The renovation includes extensive exterior and interior work, new roofs, new windows, new HVAC systems, plumbing and electrical upgrades and renovated kitchens and bathrooms. Steele Properties said other 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.
Denver-based Monroe Group Ltd. will oversee property management at Prince Hall.
Prince Hall Apartments was built in 1968 and is 100 percent Project-Based Section 8 Family property consisting of 10, two-story buildings and 76 units with a mix of one, two and three-bedroom apartment homes on almost four acres at 4820 E. Barry St.
Steele Properties owns 13 properties in Texas with 1,075 units Last year, Steele completed five low income housing tax credit renovation projects at Project Based Section 8 properties in Texas: Peoples El Shaddai Village and St. James Manor in Dallas, Brooks Manor in West Columbia, Garden City Apartments in Houston and Georgetown Square Apartments in Georgetown.
The company said the project is financed with 4 percent tax credits allocated by Texas Department of Housing and 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.
“Steele Properties is thrilled to preserve and enhance 76 affordable housing units in Fort Worth. We thank our partners, Fort Worth Housing Solutions, Texas Department of Housing & Community Affairs, Citibank and Raymond James that share our commitment to ensuring everyone has access to safe, comfortable and quality housing they can afford,” Stuart Heller, Principal, Steele Properties, said in the news release.”
“This is especially needed in the Dallas-Fort Worth area, which is tied for fourth among U.S. cities that have the fewest number of low-income housing units,” Heller said.