$3.7MM Minnesota Project Awarded to FTK

ALLEN, Texas--(BUSINESS WIRE)--FTK Construction Services, a full-service General Contractor specializing in Affordable Housing/LIHTC projects nationwide, has been awarded a new project, Spirit Lake Manor, in Duluth, Minnesota. This 81-unit affordable housing community was built in 1976. The contract value for the rehabilitation of the property, which will take nine months, is $3,794,194. The property is owned by Steele Properties, with property management overseen by their sister company Monroe Group Ltd. The architect for the project is Benton Design Group (BDG). The lender is KeyBank.

This is an extensive preservation project that will include interior, exterior and common area renovations. Specific exterior enhancements include new siding, concrete repairs, site and building lighting, new roofs and gutters, new exterior paint and new windows, as well as new parking lot striping. Interior renovations include HVAC upgrades, new paint, the replacement of flooring, lighting, cabinets and countertops, appliances, tubs and shower surrounds, along with new mechanical, electrical and plumbing upgrades. ADA units will also be modified and updated. Common area enhancements are also scheduled for the office and community room, the lounge, the laundry, fitness center and corridors.

FTK is pleased to support Steele Properties and Monroe Group. FTK COO, Mark Frazier, said, “Steele Properties and Monroe Group continue to make an incredible impact in the Affordable Housing sector, and we are honored to be able to support them as they provide quality affordable housing across the U.S. Our team takes great pride in delivering our best workmanship to the residents moving into these newly renovated units.”

Monroe Group is a Denver-based property management company specializing in affordable housing. Their sister company, Steele Properties, LLC is a national real estate investment company specializing in the acquisition, rehabilitation and new construction of affordable housing rental properties.

About FTK Construction Services

FTK Construction Services is a nationwide full-service General Contractor, with three divisions of Multifamily preservation expertise: Affordable Housing/Low-Income Housing Tax Credit (LIHTC) preservation projects, Multifamily Renovations and Disaster Services/Insurance related property damage restoration projects. FTK has completed or has in-process projects in 36 states to date and has completed/contracted over 8,000 rehabbed LIHTC units to date. Visit our website at ftkconstructionservices.com to learn more about our company.