A Denver-based developer has purchased a Section 8 apartment complex in Fort Worth with plans to rehabilitate the property.
Steele Properties, a real estate investment and development firm that focuses on affordable family, senior and disabled housing, has partnered with Fort Worth Housing Solutions to purchase Prince Hall Apartments for $10.5 million.
The complex, which has 76 units, is located at 4820 E. Barry St. in southwest Fort Worth. Constructed in 1968, it encompasses 10 two-story buildings that hold one-, two- and three-bedroom units.
Steele plans to spend $45,000 per unit at Prince Hall on renovations like new roofs, windows and HVAC systems, as well as plumbing and electrical upgrades and new kitchens and bathrooms. It will also renovate the complex’s community room, adding a computer lab, kitchen, playground and upgraded laundry facility.
“Steele Properties is thrilled to preserve and enhance 76 affordable housing units in Fort Worth,” Stuart Heller, principal with Steele Properties, said in a prepared statement. “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.”
Funding for the project is being provided by a 4-percent tax credit from the Texas Department of Housing & Community Affairs, tax-exempt bonds from an affiliate of Fort Worth Housing Solutions, permanent and construction financing by Citibank, and tax credit equity from Raymond James.
Monroe Group, a management group also based in Denver, will oversee the property.
Steele owns three other properties in North Texas, including El Shaddai Village and St. James Manor in Dallas, and Sabine Place Apartments in Fort Worth, which it purchased in February. Renovations are currently underway at Sabine Place.