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Denver Multifamily Buyer Acquires Wyoming Apartment Complex

The Denver office of Colliers International Multifamily Advisory Group announced the sale of the Sheridan Square Apartments located at 200 Smith St, Sheridan, WY 82801.

Sheridan, WY (August 21st, 2019) – The Denver office of Colliers International Multifamily Advisory Group announced the sale of the Sheridan Square Apartments located at 200 Smith St, Sheridan, WY 82801.  This 75-Unit Community was built in 1978 and was sold for an undisclosed price.  The buyer is Steele Properties, headquartered in Denver. The seller was a private local partnership and was assisted by multifamily brokers Craig Stack and Bill Morkes of Colliers in the sale of the off-market transaction.

Sheridan Square is a Project-Based Section 8 Senior and Disabled property consisting of one, six-story building with a mix of one and two-bedroom apartment homes on 0.9 acres. Sheridan Square is located at 200 Smith Street, Sheridan, WY 82801, near I-90 and Bighorn National Forest. 

“It is a great outcome when the seller receives a top offer, while the property will be fully renovated and the affordability preserved for the long term.” said Craig Stack.

Sheridan Square will receive over $28,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of the renovation encompasses important building improvements including new roofing, new doors, upgraded safety and security features and updated HVAC. Other project renovations include a renovated community room with kitchen and computer lab, upgraded common area lighting, as well as ADA unit conversions. This project is financed with 4% tax credits allocated by Wyoming Community Development Authority (WCDA), tax exempt bonds issued by WCDA, permanent and construction financing provided by Redstone Tax Exempt Funding, and tax credit equity provided by National Equity Fund (NEF).

“This transaction, which will ensure that Sheridan Square remains affordable and in a great physical condition for decades, demonstrates our continued commitment to preserving affordable housing across the country. We thank our partners, HUD, WCDA, Redstone and NEF that helped us protect and enhance these 75-affordable senior and disabled apartment homes in Sheridan.” said David Asarch, Partner, Steele Properties.

For additional information on this sale or our other listings please contact us.