U.S.-based property developer Steele Properties is buying a 144-unit apartment complex in central Sioux Falls.
Steele Properties has spent $15 million to acquire low-income housing at 1818 East. Third Street and 614 North. Lewis Street and intends to spend more than $45,000 per unit to renovate the former Heritage Apartment complex, now called Whittier Apartments.
Steele’s plans qualified for 4 percent tax credits and tax exemptions from the state, in addition to financing from U.S.-based lender Citi.
The property will be managed by U.S.-based property management company Monroe Group.