Four Developments added to the SLEFI/KCEF Portfolio in 2010
SLEFI is pleased to close 2010 with four new investments in the portfolio: Villas at Ridge Pointe II, Irving School, Mackenzie Place Senior Apartments, and Places at 5235 Page.
Villas at Ridge Pointe II is the second phase of a successful senior community located in Kansas City, Kansas. The development consists of 15, two bedroom villas in 3 buildings, with some of the larger units featuring two bathrooms.
Centerline Capital Group offered SLEFI the opportunity to purchase its 20% limited partnership interest in Irving School, a 61 unit completed LIHTC project located in the Hyde Park neighborhood. There are several other investments in the area and this development is stabilized, thus it was a sound investment and great opportunity for SLEFI.
The first phase of the Mackenzie Place Senior Apartments, which is located in south St. Louis County, is a LIHTC investment. This phase includes one building consisting of 18 newly constructed one-bedroom apartments and 16 newly constructed two-bedroom apartments, all of which are income restricted at 60% AMI. This building will be attached by an enclosed walkway to the old Affton high school building (phase 2) which has been qualified as an historic structure and will be financed with Historic Tax Credits. This building will be rehabbed to accommodate 20 market rate apartments and public activity space for residents of the development.
Places at 5235 Page represents the first partnership between the St. Louis Equity Fund and Places for People, and will provide affordable housing to persons disabled by chronic mental illness. The development consists of 23 apartments: nine efficiency style units, ten one-bedroom units, and four two-bedroom units.