Recent Development Update
Webster Middle School was approved by the SLEFI Investment Committee and is anticipated to close in the next few weeks. The development is located in the Old North St. Louis neighborhood in St. Louis City and includes 49 two-bedroom units restricted to senior households (aged 55+), all of which are LIHTC units restricted to 60% AMI utilizing the average income set-aside. Lewis McKinney with LMAC Holdings, LLC is the developer and this is the second partnership between LMAC Holdings and SLEFI.
Construction at STAR Residences Phase II was completed at the end of September. The three-story multi-family apartment building is located in the Walnut Park West neighborhood of St. Louis City and contains 30 units of affordable housing for senior individuals and couples (aged 55+). Lease-up is underway and anticipated to be complete by the end of October. This is a phase II development and follows the success of STAR Residences Phase I, a 44-unit senior facility located on the same campus, that opened in December 2016. This was SLEFI’s first partnership with Lewis McKinney of LMAC Holdings, the Developer and General Partner.
Affordable Homes of Berkeley reached construction completion and achieved 100% lease-up at the end of September, which was ahead of schedule. This project consists of the new construction of 30 three-bedroom/two-bathroom, single-family LIHTC homes on scattered-sites in the City of Berkeley, MO. In addition, a home in the neighborhood will be renovated and be used as a center for service enriched programs for residents offered/coordinated by Horizon Housing Foundation. Rubicon Corporation is the Developer and General Partner of this project.
Windridge Estates II consists of 32 two- and three-bedroom apartment units and is located in Bonner Springs, Kansas. This is the second phase of a recently completed development, Windridge Estates, which consists of 40 units and achieved 100% lease-up in July 2019. Construction was completed in mid-September and lease-up is underway with 14 units leased. All of the units in both phases are rent-restricted LIHTC units and each development has one unit set aside to provide transitional occupancy for a homeless family. This is our second partnership with Gardner Capital Affordable Housing and Hart Development Group.
Homes at Walnut Creek Phase II, a 14 single-family home development, was also recently approved by the SLEFI Investment Committee and is expected to close soon. The development is located in Wellsville, Kansas, and will enhance the recently completed Homes at Walnut Creek Phase I. Phase I involved the construction of 18 new, affordable, single-family homes in the same subdivision and reach 100% occupancy in April 2020. Each home in Phase II will have three bedrooms, two full bathrooms, and an attached two-car garage and all are LIHTC units restricted to 60% AMI utilizing the average income set-aside. This is SLEFI’s second partnership with North Star Housing.