Steele Properties Buys Columbus Affordable Community

The firm has expanded its portfolio with the acquisition of a 112-unit property. The asset will receive more than $44,000 per unit in hard cost rehabilitation.
Amberly Square Apartments. Image courtesy of Steele Properties

Steele Properties has acquired Amberly Square Apartments, a 112-unit project-based Section 8 affordable property in Columbus, Ohio, for $17.7 million. Steele’s sister company, Monroe Group Ltd. will be the manager of the property. Steele plans to invest more than $44,000 per unit in hard cost rehabilitation. 

The project is financed 4 percent with tax credits set aside by The Ohio Housing Finance Agency (OHFA), tax-exempt bonds issued also by OHFA. Additionally, the project received permanent and construction financing from Redstone Tax Exempt Funding and tax credit equity from the National Equity Fund.

Located at 2730 Brandy Drive, the community is just off the intersection of interstates 270 and 70, around 10 miles from downtown Columbus. Constructed in 1971, the eight-building Amberly Square Apartments occupies 6.4 acres and comprises a mix of one-, two- and three-bedroom units, averaging 719 square feet.

Renovation plans

The property will undergo both interior and exterior renovation. Upgrades will include new kitchens and bathrooms, new flooring, new lighting and sewer repairs. Additional improvements will include new roofs, façade improvements, upgraded community room with a computer lab and renovated laundry room. Besides these, the community will receive renovated sidewalks, parking spaces and common areas.