STEELE PROPERTIES CLOSES LOW-INCOME HOUSING TAX CREDIT TRANSACTION FOR GLENNPARK VILLAGE

[Denver, CO, October 22nd, 2024] Today Steele Properties, announced the closing of Glennpark Village into a Low-Income Housing Tax Credit partnership. This 26-unit, Project-Based Section 8 property serves families in Northglenn, Colorado. Monroe Group, Ltd., Steele’s sister company, will continue to oversee property management at the community.

The property will receive more than $81,000 per unit in hard-cost renovations as part of the tax credit closing. The renovation will include significant interior upgrades and building and site improvements. The office will receive an?update on all finishes and full modernization. The entire property, including 5% of residential units, will be brought up to today’s accessibility standards to comply with UFAS and ADA requirements. Each unit will see new energy-efficient appliances, including the addition of energy‐efficient dishwashers, kitchen vinyl flooring, window treatments, and?bathrooms with new flooring, vanity, and plumbing fixtures. With these energy and water-saving features, the community will be certified through Enterprise Green Communities. Additionally, new closet shelving will be installed, and walls, ceilings, and doors will be painted throughout. The exterior will receive a newly paved parking lot, sidewalks and curbs will be brought up to ADA compliance, and new lighting will be installed on the exterior of the building for updated security. Finally, all roofs and?gutters will be replaced.

The project is financed with 4% tax credits and tax-exempt bonds issued by Colorado Housing and Finance Authority (CHFA), construction and permanent financing provided by Ready Capital, and tax credit equity provided by NEF.

“We are excited for this rehabilitation of Glennpark Village in partnership with CHFA, HUD, Ready Capital, and NEF. These upgrades will benefit the residents of this important affordable housing community and preserve this community for years to come.” Principal of Steele Properties, Stuart Heller, shares.

Built in 1983, Glennpark Village comprises one—and two-story walk-ups and townhomes across six buildings just north of Denver in Northglenn. It is close to several shopping centers and restaurants and has close access to RTD bus and light rail stations. Located in Adams County, it is part of the Adams 12 Five-Star School District. Northglenn is a vibrant community with over 1,000 businesses and nearly 39,000 residents.

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 is consistently 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 $2 billion in acquisitions, sales, and development activity involving over 120 capital transactions and over 12,000 apartment units, including over 90 tax credit projects. Steele’s current portfolio exceeds 90 properties and 9,000 apartment units in 26 states.

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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.