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The Reserves at Storm Lake

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The Reserves at Storm Lake

Experienced Developer For-Profit Organization

The Reserves at Storm Lake

DEVELOPER INFO:
Overland Property Group, LLC was founded in 2002 and has offices in Overland Park, Kansas, Topeka, Kansas, and Dallas, Texas. With 10 years in real estate development, Overland Property Group team discovered that their unique skill-sets and their “calculated risk” approach to development are the reasons that their company was finding tremendous success in the affordable housing business. Their remarkable growth and ability to “differentiate” their product from their competition has become the driving force in their company’s success. As one of the largest owner/developers in the midwest, OPG has developed and owns more than 25 developments, totaling over 1,500 units and $130 million of both “affordable” and “market-rate” apartments.

 

PROJECT INFO:
The Reserves at Storm Lake is a mixed income, 32-unit, new construction walk-up development consisting of 16 two-bedroom units and 16-three bedroom units. The overall development includes two identical 16-unit buildings, a community clubhouse, and 69 total parking spaces. A total of 16 units and all of the units on the first floor are handicap accessible, and six total units are accessible for those with hearing/vision needs. The City of Storm Lake was very supportive of the project and assisted by approving re-zoning and providing TIF and other local funds for the project.

project details

  • Project Site: Reserves at Storm Lake
  • Developer: Overland Property Group, LLC
  • Project Address: 1500 Senca St., Storm Lake, IA
  • Number of Units: 32
  • Property Type: Family Housing
  • Closed: 2013

 

Project Funding Sources:

  • 9% LIHTC Equity
  • Tax Increment Financing
  • Amortizing Private Debt
  • Construction Loan
  • Contributions/Grants
  • Owner Equity

 

Unique Project Elements:

  • The Reserves of Storm Lake was one of two projects approved in Storm Lake in 2013, filling a need for the local community. The project remains fully leased with a waitlist.

 

Lightengale’s Role:

  • Strategy
    • LIHTC Application
    • TIF Negotiations
    • Project Budget
  • Post Closing Services
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 coordination

 

Photo Credit

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CREATIVE APPROACH.
PROVEN RESULTS.


three
Words from our Partners:

Lightengale (LGG) began serving affordable housing developers in 1999. Over the next 23 years, LGG assisted over 150 affordable housing deals (and one radio station) to come to fruition. We are so pleased that we were able to work with so many wonderful developers, both new and experienced, small and large, to help them provide affordable housing and improve their communities.

Over these years, we learned a lot and navigated the company and our clients’ deals through the Great Recession of 2007-2008 and the Covid Pandemic of 2020-2022. Throughout this time, we have had the privilege of working with some of the finest affordable housing specialists – on our staff, our clients, and in the broader community.
Everyone should have a home they can afford and feel safe in. Ideally, amenities are nearby, and the home is energy efficient. We enjoyed working with so many people who shared our vision of universal affordable housing. While we continue to believe strongly in universal affordable housing, we also believe it is now time to have others lead the way and guide deals through the process. We hope the next generation continues to provide more truly affordable housing for more people.

While we are not taking on any new clients or projects and will be closing our doors once we finish our current deals, we want to let you know how much we have enjoyed working with each and every one of you throughout these years.

All the best to each of you-- Maggy, Larry and Virginia
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