STEELE PROPERTIES CLOSES $14.4M LOW INCOME HOUSING TAX CREDIT TRANSACTION TO PRESERVE AND IMPROVE THE HARBOR PORTFOLIO IN MILWAUKEE

[Denver, CO, August 20th, 2024] Today Steele Properties, announced the $14.4M closing of the Harbor Portfolio into a Low-Income Housing Tax Credit partnership. This 104-unit, Project-Based Section 8 portfolio, consists of three properties that serve seniors and disabled residents in the Milwaukee area: Santa Cruz, La Paz, El Jardin I and El Jardin II. Monroe Group, Ltd., Steele’s sister company, will oversee property management at the communities.

Each property will receive more than $60,000 per unit in hard cost renovations as part of Steele’s rehabilitation. Steele’s strong commitment to accessibility will be at the forefront of these comprehensive renovations where 5% of the units will be converted to comply with the most up to date ADA accessibility standards and 2% of the units will be converted to support hearing impaired residents. We are looking forward to providing each unit with modern updates, which will include upgraded kitchens, new appliances, all new flooring and freshly painted interior. The rehabilitations will include HVAC replacements for each community, full modernization of elevators, and accessible ramps and rails in the parking areas. Common space amenities will undergo a thorough upgrade, further enhancing the residents’ overall experience. Another key factor to this rehabilitation is energy saving features, which will include the installation of low-flow plumbing fixtures and high-efficiency LED lighting in each unit, reducing energy consumption and promoting sustainability.

The project is financed with 4% tax credits and tax-exempt bonds issued by Wisconsin Housing and Economic Development Authority (WHEDA), construction and permanent financing provided by WHEDA, and tax credit equity provided by PNC.

“We are excited to preserve the affordability of the Harbor portfolio for current and future residents. We look forward to providing a fully comprehensive rehab to these communities where residents will have a place they will continue to be proud to call home for many years. We are grateful for our partnership with WHEDA and PNC who share our mission to provide safe and quality affordable housing in Wisconsin,” Principal of Steele Properties, Stuart Heller shares.

The Harbor Portfolio is located in the heart of Milwaukee, near Lake Michigan’s western shore. Santa Cruz is made up of 33-units featuring 1-Bedroom and 2-Bedroom apartment homes, El Jardin I & II are made up of 32-units featuring 1-Bedroom and 2-Bedroom apartments homes, La Paz is made up of 39-units featuring Studio and 1-Bedroom apartments homes.

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About Steele Properties

Steele Properties is a Denver-based national real estate investment company specializing in the acquisition, rehabilitation and new construction of affordable family and senior rental properties. Steele consistently is ranked as one of the top ten companies for substantial rehabs by Affordable Housing Finance. The company was formed in 2006 with the mission to preserve, improve and increase affordable housing opportunities for vulnerable communities across the country. Steele has successfully completed over $1 billion in acquisitions, sales and development activity involving over 90 properties and more than 9,000 apartment units, including over 85 tax credit projects.

About Monroe Group

Monroe Group is a privately held company headquartered in Denver CO. Stuart Heller founded the company over 30 years ago, with a single management contract for an 81-unit property. Today, the Monroe Group has grown to become one of the country’s leading affordable housing property management companies with a portfolio of over 90 properties and over 9,000 apartment homes located in 26 states across the country. In 2006, Monroe Group’s leadership founded Steele Properties to conduct all real estate development and property acquisitions