A Denver-based actual property funding and improvement group has purchased — and plans to renovate — its first San Antonio property.
Steele Properties — which focuses on inexpensive housing and senior rental properties — bought Pan American Residences, a 100-unit condominium advanced at 143 36th Road on the West Facet.
The acquisition and rehabilitation of the property inbuilt 1968 will whole $21.three million, based on a information launch. The property was beforehand owned by an entity of Bell Property Administration, Ltd. in Corpus Christi and holds a county-assessed worth of $520,390
“As our nation faces an unprecedented public well being disaster, we stay targeted on preserving a lot wanted inexpensive housing for our most susceptible residents,” mentioned Chad Asarch, principal for Steele Properties.
The challenge might be financed with four% tax credit from the Texas Division of Housing and Neighborhood Affairs in addition to bonds from the San Antonio Housing Belief, everlasting and building financing from KeyBank and tax credit score fairness from Nationwide Fairness Fund Inc.
Steele will make investments greater than $73,000 per unit in exterior and inside work, together with roofing, paint, new central heating and air-con programs, sewer restore in addition to main plumbing and electrical upgrades. The challenge can even add new parking zone paving, sidewalk restore, LED lighting, security gates and renovated amenity areas.
Monroe Group, Ltd., Steele’s sister firm, will assume property administration.