Denver-based real estate company Steele Properties LLC has acquired a three-story, 78-unit apartment building in Lexington for $12.2 million. It plans to begin renovating the complex in May, Steele Properties Communications Manager Lynn Haner says.
The community, Lexington House, is reserved for seniors and disabled persons in need of Section 8 affordable housing. Steele Properties specializes in acquiring, rehabilitating and reconstructing affordable housing units, and this is the company’s first acquisition in Virginia.
Each of the 78 units will receive more than $56,000 worth of rehabilitation. Renovations are anticipated to begin in early May and are expected to take a total of nine months, Haner says, and will include external renovations as well as updates to drainage systems, parking lot paving, new HVAC systems, plumbing upgrades and electrical upgrades. A shared community room for tenants will feature an updated kitchen and a computer lab.
