Sell Section 8 Property Archives - Page 2 of 4 - Affordable Housing Investment Brokerage

Downtown Kansas City Sale

Gateway Plaza, located in downtown Kansas City, closed in late November. The 147 unit property has 99% HAP coverage. Two units are market rate. Well located in downtown Kansas City, Gateway is comprised of two and three bedroom units. They are large townhome style units with basements. The owner is a regional owner and operator of affordable housing communities who renovated the community using Low-Income Housing Tax Credits in the mid 1990’s. The property was beyond it’s initial tax credit [...]

Senior HAP Sale - Cambridge - Lawton Oklahoma

Senior HAP sale in Oklahoma

On October 30, 2020, AHIB closed a Senior HAP sale. Multiple offers were received on this Independent Senior HAP sale which is located in Lawton, Oklahoma. The seller was a non-profit developer. The original owner applied but did not receive a LIHTC allocation. As a result, they decided to sell. The purchaser acquired the community using conventional financing. They are considering refinancing with HUD debt in the future.

249 Unit HAP Sale in Gary, Indiana

AHIB, Inc. is pleased to announce the closing of Gary NSA I/II, also known as the 5th Avenue Apartments, in Gary, Indiana. The property consisted of fourteen separate buildings, primarily along the 5th Avenue corridor in downtown Gary. All units are covered by a Mark to Market HAP contract. Mark to Market, FHA-insured debt was in place, but was fully paid at closing. The property owner engaged Kyle Shoemaker and AHIB to conduct a marketing effort after [...]

June 1, 2020 By Kyle Shoemaker Sell HAP Contract Property, Sell HUD Financed Property, Sell Section 8 Property, Sell Tax Credit Property Comments Off

Senior HAP Closing During Covid-19

In May of 2020, AHIB successfully closed on the sale of Mt Carmel and Mt Village II apartments in Waterloo, Iowa. The deals went under contract in the late fall of 2020. The buyer, an east coast based non-profit, AHIB, and KeyBank, the buyer’s Freddie Mac lender, worked together to keep the deal on track through the Covid-19 crisis. The closing occurred at the original sale price. A post-closing renovation is planned using LIHTC funds. The [...]

May 26, 2020 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Civic Plaza-Section 8 Property-Rock Falls-Illinois

Senior Section 8 Sale in Western Illinois

In April of 2019, AHIB closed on the a senior section 8 sale in western Illinois. Civic Plaza is a 63 unit property with a full HAP contract, designated for independent senior living and located in Rock Falls, Illinois. After a marketing effort producing multiple offers, the owner chose to sell to a Chicago-based buyer who was using funds from a 1031 exchange. Furthermore, the buyer has ample experience working with both HUD and AHIB to give confidence [...]

April 22, 2019 By Kyle Shoemaker Sell HAP Contract Property, Sell HUD Financed Property, Sell Section 8 Property Comments Off

HUD 202 Restricted Sale - ICARE - Section 8 - HAP Contract - Westmont Illinois

HUD 202 Restricted Sale of a HAP Property in Suburban Chicago

On October 1st, AHIB completed the HUD 202 Restricted Sale of a HAP Property in Suburban Chicago. The building, known as ICARE (Illinois Chinese American Residence for the Elderly), is located in Westmont, Illinois, and is comprised of 60 units of which 59 are covered by a project-based Section 8 contract. Though the property had previously been refinanced, there is still a HUD 202 Use Agreement in place, restricting ownership to a non-profit organization and limiting allowable distributions. The property’s non-profit [...]

October 2, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell HUD Financed Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off

Oregon Senior Section 8 Sale

On September 14th, AHIB completed an Oregon senior Section 8 sale. The property, Rose Senior Apartments, has 40 units covered by a HAP contract and a commercial space. The building is a historic mid-rise in downtown Roseburg. After multiple bids were procured by regional buyers in an effort to complete the Oregon senior Section 8 sale, the owner opted to sell to a local non-profit. As an entrepreneur involved in other businesses in the community, it was critical to the [...]

September 17, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Sneedville, Tennessee - Project-based Section 8 - LIHTC - Sold

Tennessee Project-based Section 8 property sold to LIHTC Developer

In August 2018, AHIB completed the sale of a 51-unit project-based Section 8 contract property located in Sneedville, Tennessee. The family property is fully-covered by the HAP Contract and went through the HUD Mark-to-Market restructuring in 2003. The property is made of 24 one-bedroom units, 21 two-bedroom units and 6 three-bedroom units. The buyer was a regional LIHTC developer who received an allocation of 9% Low Income Housing Tax Credits from the Tennessee Housing Development Agency [...]

August 31, 2018 By Kyle Shoemaker News, Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Eastbrook Apartments - Exception Rent HAP Contract - Section 8 - HAP - Cushing - Oklahoma

Oklahoma Exception Rent HAP Contract Sale

On May 15th, 2018, Affordable Housing Investment Brokerage completed the sale of a 30-unit Exception Rent HAP contract property in Cushing, Oklahoma. Cushing is an hour drive northwest of Oklahoma City and is home to the nations largest commercial oil hub. Multiple offers from an assortment of local, regional, and national buyers were procured. The purchaser, a real estate investment firm based out of California, used Fannie Mae debt to acquire the property. The transaction closed in just over four months including required HUD [...]

June 6, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off

Windsong Apartments - Section 8 - HAP - Mark-to-Market

Oklahoma Mark-to-Market HAP Property Sold to National LIHTC Developer

On December 29, 2017, AHIB closed on the $8,200,000 sale of 202 unit Mark-to-Market Project-Based Section 8 property. Windsong Apartments, located at 3131 S Mingo Rd in Tulsa, Oklahoma, is approximately ten miles east of downtown. The property was purchased by a California-based national affordable housing investor from the Denver based Windsong Housing Associates. Windsong Apartments went through Mark-to-Market debt restructuring in 2003 and is subject to cash flow and rent restrictions for the remainder of its 30-year Mark-to-Market Use Agreement. [...]

May 3, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off

Section 8 Property Sales