 |
 |
 |
| |
|
Montana
Completed Projects
The Cornerstone; (21 units,
multi-family housing complex)
2007 Clark Street
Miles City, MT 59301
Makoshika
Estates; (18 units,
senior age 55+ housing
complex)
620 Grant Avenue
Glendive, MT 59330
Projects in Process
Renovations are Underway
in Kalispell at Two
Complexes
The Glacier Manor and
Treasure State Apartment
complexes in Kalispell are
receiving substantial
makeovers which will
preserve them in the
affordable housing inventory
fleet for years to come.
The Monfric Group, Northwest
Montana United Way, and
Treadstone Housing, LLC have
joined forces to manage the
redevelopment and financing
of these two projects.
Both projects have a combined
total of 99 units which have
served the Flathead
area senior
living community in excess of
25 years. Financing
for the renovations came in
the form of 4% Low Income
Housing Tax Credits and
tax-exempt bonds. The
rehabilitation work is set
to be completed at the end
of 2009.
Eagle Manor II Project
in Helena Is Third Phase of
Extensive Rehab
The Eagle Manor II
project is actually the
third and final phase of a
senior housing complex in Helena, Montana
that is known most commonly
as “Eagles Manor”. The
Rocky Mountain Development
Council, Inc. has been involved in
the development of each
phase. This senior
housing campus consists of 3
components (or developments)
that have been improved over
the past five years. The
first of this progression
(Phase 1) was the
acquisition/rehab of Penkay
Eagles Manor, a 66-unit
facility designed for
elderly and disabled. Phase
2 was the new construction of
Eagle Manor III, a 3-story
and 30-unit building
completed in November of
2008. And finally, this
latest project will complete Phase
3 of this campus
development.
In terms of financing,
all of the 3 phases involved
the use of low-income
housing tax credits. This
particular project involves
the acquisition and
rehabilitation of a
pre-existing senior apartment
building. The building is to
be renovated, converting its
current inventory of
strictly efficiency units
into a mix that is primarily
one-bedroom units. Upon
construction completion,
which is currently slated
for November of 2009, this
complex will consist of 44
rentable units.
Mountain View
Apartments
III in Hamilton Wrapping Up
Construction
The
community of Hamilton,
Montana is experiencing
tremendous population and
economic growth and the
demand for affordable
housing is high.
Summit Housing Group, Inc.
has recognized and responded
to the need for housing by
previously developing
Mountain View Apartments I
and II. Construction
is now almost complete on
their latest addition to the
affordable housing inventory
in Hamilton, known as
Mountain View Apartments
III. The
developer plans to receive
the certificate of occupancy
and begin leasing up the
newly constructed 46-unit
multifamily affordable
housing complex in August of
2009. An open house
for prospective tenants is
planned for August 7th from
3:00 - 7:00 p.m.
View for information on the
Montana Tax Credit Program
|
|

|
|
Makoshika Estates
in Glendive,
Montana.
|

|
|
|
|
Eagle Manor II
Under Construction
in Helena,
Montana. |

|
|
Mountain View
Apartments III
in Hamilton,
Montana. |
|
|
North Dakota
Completed Projects
Garden Hills
Senior Living; (37
units, senior age 55+
housing complex)
1321 Fifth Street NE
Jamestown, North Dakota
58401
Heritage
Village; (6 units,
multi-family housing
complex)
57 Greenfield Road
Milnor, North Dakota
58060
Homestead
Commons; (6 units,
multi-family housing
complex)
302 Third Street NW
Gwinner, North Dakota
58040
Library Square
II; (45 units,
senior age 55+ housing complex)
110 First Street NW
Mandan, North Dakota
58554
Northwood
Village; (16 units,
multi-family housing
complex)
7 North Dohney
Northwood, North Dakota
58267
Park Century
Apartments;
(60
units, multi-family
housing complex)
2800 Gateway Avenue
Bismarck, North Dakota
58503
Serenity
Apartments; (18
units, multi-family
housing complex)
212 8th Avenue West
West Fargo, North Dakota
58078
Projects in Process
Library Square II
Complex Now Leasing
MPEG was
on hand to offer
congratulations to the
Library Square II project in
Mandan, North Dakota at its
Open House
in February 2009. Lease up
is now well underway and
tenant applications are
being taken. This new apartment
complex is dedicated
exclusively to residents
aged 55 and over. MPEG is
proud to be a part a project
that brings such a valuable
asset to the Mandan community.
The 45-unit property offers
tenants an array of
amenities including a
comfortable floor plan with
modern appliances,
off-street parking, community room,
central laundry, and elevator. The
property is located in
downtown Mandan in close
proximity to public
transportation, shopping,
medical services, and
churches.
The Library Square II
complex was sponsored by
MetroPlains, LLC and
Community Works of North
Dakota with financing
provided in large part by
federal tax credits that are
made available to developers
of low-income housing
projects. The facility is
therefore subject to rent
restrictions to ensure
affordable rent levels.
Tenants must qualify to
reside in the facility based
upon annual income levels at
or below 60% of the Area
Median Income (AMI) for
Morton County. This tax
credit program is managed by
the North Dakota Housing
Finance Agency which is
responsible for the
development of hundreds of
high-quality, affordable
apartments across the state.
View for information on the
North Dakota Tax Credit
Program
|
|

|
|
Heritage Village
in Milnor, North
Dakota. |
|
|
 |
Homestead Commons
in Gwinner,
North Dakota.
|
|
 |
Library Square
II in Mandan,
North Dakota.
|
 |
|
The Elegant
Common Area of Library Square
II. |
|
|
Wyoming
Completed Projects
Legacy Senior
Residences; (54 units,
senior age 55+ housing
complex)
1005 North Elma
Casper, WY 82601
Prairie Sage
Apartments; (64 units,
multi-family housing
complex)
2035 South Beverly
Street
Casper, WY 82609
Rock Butte
Apartments; (70 units,
multi-family housing
complex)
1430 East Teton
Boulevard
Green River, WY 82935
Projects in Process
Grand Openings
Two
projects in Casper wrapped
up construction in the early
summer of 2009. The
Legacy Senior Residences, a
54-unit complex serving the
senior age 55+ residents,
celebrated their Grand
Opening at the end of June.
The Prairie Sage Apartments,
a 3-building complex with a
total of 64 units serving as
multi-family housing,
wrapped up construction in
early July and will hold a
Grand Opening on August 14th
from 3:30 - 6:00 p.m.
The demand for affordable
housing in the Casper
community has been so great
the Legacy project is fully
leased up and the Prairie
Sage project is over half
filled. MPEG is proud
to partner with the
respective developers,
Cornerstone Associates, LLC
and Summit Management Group,
Inc in bringing affordable
housing to the communities
in need. The quality
of these two projects is a
direct reflection of the
quality of the developers
and it was indeed a pleasure
to see these developments
come to fruition. Cornerstone Apartments
Now Being Constructed
Construction of a new
36-unit family development
in Casper kicked off in June
2009. The project,
called the Cornerstone
Apartments, is yet another
quality project by the
Cornerstone Associates, LLC.
This same group created the
Legacy Senior Residences
which is a beautiful senior
complex recently completed
in Casper. The project
was proposed to address the
gap in the community's
affordable rental housing
market. It is being
constructed in an area that
is close to many services
including retail shopping,
food services, medical
facilities, schools, and
transportation making it an
excellent location for
families. Stayed tuned
as MPEG will continue to
update you as to the
progress of this quality
affordable housing complex.
View for information on the
Wyoming Tax Credit
Program
|
|
|
Colorado
Projects in Process
Ashwood Apartments
Now Leasing
MPEG was on hand at the
end of June for the Grand
Opening of the Ashwood
Apartments in Pueblo,
Colorado and lease up has
begun. The project
was developed by the Housing
Authority of the City of
Pueblo and is dedicated to
senior citizens (age 55+)
that are income-qualified.
It is an attractive and
modern design, configured in
five separate buildings with
five units per building. This
configuration allows a
one-level garden style
appearance that seems to be
a welcome departure from the
more traditional LIHTC
designs. It is helpful to
note that all of the 25
rentable units are of an
identical design and size,
that being a one-bedroom
apartment with 650 square
feet of living space. Other
amenities include a common
area laundry, carports for
covered parking, and
beautiful low-maintenance
landscaping. MPEG was
proud to be a partner in
this quality project by
being able to provide the
equity financing through the
purchase of the Low Income
Housing Tax Credits.
The Ashwood Apartments is
sure to benefit the Pueblo
community for years to come.
View for information on the
Colorado Tax Credit
Program
|
|

|
|
Ashwood Apartments
in Pueblo,
Colorado. |
|
 |
|
Ashwood
Apartments Open
House and Ribbon
Cutting Ceremony. |
|
|
|
|
|
Mountain
Plains Equity Group, Inc. • 490 North 31st
Street, Suite 101 • Billings, Montana 59101
Phone: (406) 254-1677 • Fax: (406)
869-8693 •
info@mpequity.com |
|
|
|
 |
 |
|