SLEFI Investment Committee Approves Two Investments
The SLEFI Investment Committee recently reviewed and approved investments in two LIHTC developments, Scott Manor II Senior Apartments and Elm Ridge Senior Apartments. The Oakland Group, led by Kevin Buchek and Mike Duffy, along with BTWF-Urban Initiative Corporation are the developers of both investments.
Scott Manor II Senior Apartments is the second phase of the recently completed Scott Manor Senior Apartments. The second phase will include 50 units and is located on the same campus in unincorporated North St. Louis County near the intersection of Chambers and Halls Ferry Roads. The unit mix consists of 14 one-bedroom units and 36 two-bedroom units. Affordable rents will range from $406 – $718/month. We anticipate this project to close before the end of the year.
Elm Ridge Senior Apartments will be the first LIHTC project located in the City of Hazelwood. This project will also consist of 50 units – 14 one-bedroom units and 36 two-bedroom units with the same rent structure as Scott Manor II.
Both developments will have supportive services available to the residents, which include tax preparation assistance, computer classes, social events, transportation, CORP (County Older Residents Program), exercise classes and health screenings. We are excited to partner with The Oakland Group and BTWF-Urban Initiatives as well as the entire development team!