Wayman Manor sale, improvements

Wayman Manor, 1811 E. Ave. K, was recently purchased by Denver-based Steele Properties. The company said it planned to spend $28.8 million for the purchase and renovation of the East Temple property.

Temple’s Wayman Manor apartments will soon be receiving improvements and repairs.

These improvements come as the 160-unit affordable family complex was recently purchased by Denver-based real estate company Steele Properties. The company said in a statement that it planned to spend $28.8 million in the purchase and improvement of the property.

Wayman Manor, 1811 E. Ave. K, will be the group’s 15th property in Texas and their first property in Temple.

The 48-year-old property is a project-based Section 8 family property located on the eastern side of Temple. Housing on the site is split between 10 buildings with a variety of apartment sizes.

“Steele Properties is committed to ensuring everyone has access to safe, comfortable and quality housing they can afford,” Hud Karshmer of Steele Properties said. “This is especially important in Texas, which has significant shortages of low-income housing.”

As part of the purchase of the property, the company will conduct a series of renovations on both the inside and outside of the buildings. These improvements, which will cost over $56,000 per unit, will cover new kitchens, bathrooms, flooring and lighting.

Other major improvements being made to the outside of the property will include new roofs and heating ventilation and air conditioning repairs.

In addition to fixing up the property, Steele will be adding new facilities such as a library, fitness center and outdoor picnic area. The company will be partnering with the Temple Police Department to set up a police substation on the property.

To fund the project, Steele said in a statement, the company will receive tax credits from the Texas Department of Housing and Community Affairs and tax exempt bonds from the Bell County Housing Finance Corp.  

The renovations are expected to be completed by late 2020, the company said on its website.