Date of Release: 01/10/2012
January 10, 2012- JACKSON, MS- An allocation of Low Income Housing Tax Credits will support the acquisition and rehabilitation of Delhaven Manor Apartments. Today, Steele Properties closed on the acquisition of the property, which means that construction on the renovation will soon begin at this 104 unit Project Based Section 8 Senior/Disabled affordable property in Jackson, MS.
Steele will oversee the community’s renovation. Built in 1982, the property has been an essential affordable housing resource in Jackson for 30 years, and is in significant need of a renovation in order to improve the lives of residents, and ensure the operability of the building for years to come.
“The goal of the renovation is to improve the quality and security of the building for current and potential residents, creating safe comfortable homes where individuals and families can thrive,” explains Chad Asarch, Principal at Steele Properties. “By addressing the property’s current repair needs, and reducing future repair needs, we look forward to contributing to the availability of much needed housing opportunities to low-income individuals and families in Jackson, MS for years to come.”
The rehabilitation will result in improved unit and site amenities for the comfort and safety of Delhaven Manor residents. These include a new landscaped picnic area with a covered gazebo and barbecues. The building will have newly covered entries with resident gathering areas. Residents will benefit from a new clubhouse and community building complete with a business center with computers and internet access, as well as a new fitness center. A second laundry room will be added so that residents will benefit from on-site laundry located in both buildings. Individual units will be completely revitalized, including the installation of ceiling fans in all living and sleeping areas.
Additionally, significant security improvements throughout, including a new controlled-access gate at the property’s entry equipped with an intercom system, will be installed. Key fob locks will be installed on all building entry doors, which will also be equipped with intercom systems. As for individual units, planned unit safety features include improved emergency pull chords, stove top fire prevention devices and upgraded smoke detectors in all living and sleeping areas.
The redevelopment of Delhaven is being financed through proceeds from the syndication of 9% Low Income Housing Tax Credits allocated by the Mississippi Home Corporation through City Real Estate Advisors, with Wells Fargo as the construction lender.
Community Housing Concepts, Inc. (CHC) a nationally operating 501(c)(3) organization, is the owner of Delhaven Manor. Founded in 2005, the organization has been responsible for the investment of approximately $150 million in multifamily and senior affordable housing units, including over $50 million in rehabilitation efforts. CHC , either directly or through its subsidiaries, owns fifteen affordable communities around the country totaling almost 1,600 units. Of those properties, thirteen have undergone (or are undergoing) complete rehabilitations. The resulting improvements result in better lives for the residents of CHC properties, who have exclaimed time and again how happy and proud they are to call Community Housing Concepts “home.”
Monroe Group Ltd. is the property management company for Delhaven Manor Apartments. Founded almost 30 years ago, Monroe Group currently manages a portfolio of 32 multifamily properties totaling nearly 2,500 units.
Steele Properties LLC is a national real estate investment firm specializing in the acquisition, rehabilitation, and new construction of affordable multifamily rental properties. The firm’s mission is to preserve, improve, and increase affordable housing opportunities for vulnerable communities across the country. Steele has successfully completed over $250 million in acquisitions, sales and development activity involving 30 properties and over 2,700 units, including eighteen tax credit projects.
For More Information Contact:
Community Relations Manager, Monroe Group Ltd.