PORTLAND, Maine (AP) - A Denver-based company specializing in affordable housing has bought several housing units in Maine in order to renovate the properties.
The Morning Sentinel reports that Steele Properties, LLC, bought the properties from Portland-based Liberty Cos. The company plans to renovate about 170 units in total at properties in Fairfield, Farmington, Pittsfield, Richmond, Skowhegan, West Bath and Winslow.
Jennifer Cloud, a development director at Steele who is overseeing the project, says Steele is focused on preserving existing affordable housing across the country and always is looking to expand its portfolio.
Renovations will vary depending on the property and include extensive interior and exterior work with major energy upgrades. Rehabilitation costs will be over $42,000 per unit.