Long-Neglected Section 8 Property to Get Upgrades

Steele will invest more than $38,000 per unit on substantial property improvements.

HOUSTON—Garden City Apartments, a 252-unit, 100% project-based Section 8 multifamily community, is minutes from downtown, Interstate 45, numerous retail amenities and excellent schools. The property was built in 1970 and consists of 29 residential buildings on slightly more than 12 acres of land.

With an acquisition value of $31 million, the multifamily asset has been purchased by Steele Properties, which intends to preserve the property. Steele will invest more than $38,000 per unit on substantial property improvements such as updated kitchens featuring Energy Star-rated appliances, updated bathrooms, flooring, lighting, plumbing as well as central heating and air. Significant accessibility improvements will include the installation of ADA concrete ramps and accessible sidewalks throughout the property, and 15 units will be converted to ADA accessible, while two units will accommodate the visual and hearing impaired.