Management group picked for Keystone Family Homes

The developers of a multimillion-dollar affordable housing project in Springfield selected a veteran management group to oversee the development.

Houston, Texas-based Allied Orion Group was chosen to manage Keystone Family Homes, a partnership between BGC Advantage LLC and the Springfield Housing Authority, according to a news release. The financial terms of the contract were not disclosed.

"We are pleased to be partnering with BGC and expanding our management portfolio into the Missouri market," said Loyal Proffitt, president of Allied Orion Group, in the release. "Allied Orion Group is dedicated to providing quality, affordable housing options and top-notch customer service to our residents to enhance their living experience in all of our communities."

The 297 units planned for Keystone Family Homes will add to Allied Orion Group's management portfolio of some 24,000 apartment homes. The roughly 30-year-old company also has acquired or developed more than 15,000 multifamily units with a total aggregate value of $1.4 billion.

Allied Orion Group's next closest managed property to Springfield is Mountain View Heights in Hot Springs, Arkansas, according to the company's website.

Springfield City Council voted in November to issue up to $22 million in housing revenue bonds through the city's Industrial Development Authority for the Keystone Family Homes development.

The work involves the rehabilitation and redevelopment of 85 buildings and single-family homes and duplexes scattered across Springfield, according to past reporting. The Housing Authority owns all the properties, which include Glenwood Apartments, 722 E. Glenwood St.; Cedarbrook Apartments, 811 N. Cedarbrook Ave.; and Dogwood Apartments, at West Madison Street and South Campbell Avenue.

BGC Advantage's website indicates Keystone Family Homes has a total estimated cost of $42.8 million. Snyder Construction Group was selected as general contractor, with Oke-Thomas & Associates Inc. serving as project architect, according to BGC.