Sell Subsidized Property Archives - Page 3 of 5 - Affordable Housing Investment Brokerage

Michigan HAP Property - Milan Village-Section 8- HAP Contract-Milan-Michigan

Michigan HAP Property Sold to a National LIHTC Developer

On November 16, 2017, a Michigan HAP property sold to a national LIHTC developer. The apartments, known as Milan Village, are a 36-unit multifamily community near Ann Arbor, Michigan. The property is within walking distance to downtown Milan, and all units are covered by an Option 4 project-based Section 8 contract. The property is made up of 16 one-bedroom units and 20 two-bedroom units spread between three buildings. Select units within each building also have updated cabinets and vanities within. Multiple [...]

November 20, 2017 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property, Sell Tax Credit Property Comments Off

Chicago LIHTC Sale-Lyndale Place-Section 42-LIHTC-Chicago-Illinois

Renaissance West-LIHTC-Section 42-Chicago-Illinois

Chicago LIHTC Sale in Logan Square Neighborhood

In October of 2017, AHIB and Kiser Group closed on a Chicago LIHTC Sale in the Logan Square Neighborhood. The deal included two properties, 67 unit Lyndale Place and 100 unit Renaissance West. The properties are located a few blocks apart in Chicago’s Logan Square neighborhood. Renaissance West was built new and Lyndale Place was renovated under the Section 42 Low Income Housing Tax Credit program. Both properties were restricted by debt from Chicago and IHDA in addition to LIHTC [...]

October 18, 2017 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Subsidized Property, Sell Tax Credit Property Comments Off

Family Section 42 – Low Income Housing Tax Credit Property Sale – Oklahoma

On June 16, 2017, Affordable Housing Investment Brokerage closed on a family section 42 sale of Garland Square Apartments. Garland Square is a 36-unit Low-Income Housing Tax Credit property located in Stroud, Oklahoma. Stroud is a suburb of Tulsa, located off of Interstate 44 along the Oklahoma City-Tulsa corridor. Garland Square is comprised of a mixture of market rate and rent restricted units with efficiency through four bedroom layouts. The property was less than 50% occupied at the time of [...]

June 20, 2017 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Subsidized Property, Sell Tax Credit Property Comments Off

Low Income Housing Tax Credit Sale - Sun Valley-Section 42-LIHTC-Anderson-Indiana

Low Income Housing Tax Credit (LIHTC) Sale in Anderson, Indiana

On June 15th, Affordable Housing Investment Brokerage, Inc. (AHIB) completed a Low Income Housing Tax Credit (LIHTC) Sale in Anderson, Indiana. Sun Valley was developed under the LIHTC program in 2004, then sold by AHIB in 2013 after the original developer defaulted on their first mortgage. The property and it’s remaining tax credits were sold to a regional developer, who successfully restructured the deal’s income limits and stabilized occupancy. After closing on a permanent HUD-insured 223(f) mortgage, they hired [...]

June 16, 2017 By Kyle Shoemaker Sell HUD Financed Property, Sell LIHTC Property, Sell Section 42 Property, Sell Subsidized Property Comments Off

HUD-Financed-Hillside Manor-HUD Financed-New Ulm-Minnesota

Sale of Former HUD-Financed Apartments in New Ulm, Minnesota

On June 6th, AHIB completed the Sale of former HUD-financed apartments in New Ulm, Minnesota known as Hillside Manor. The property was originally developed under the HUD 236 program and had units subsidized by the local housing authority. Both buyer and seller are repeat clients of the firm, and the deal was structured off-market after the successful sale of the Western Manor apartments in Austin, Minnesota in 2016. The deal closed at an unusually low cap rate due to the [...]

June 6, 2017 By Kyle Shoemaker Sell HUD Financed Property, Sell Subsidized Property Comments Off

Project-Based Section 8 Sale

On April 26, 2017, AHIB completed a Project-Based Section 8 Sale to a LIHTC Developer in Suburban Chicago. Sage Crest, a 102 unit family property, was on the market for less than 30 days before receiving multiple offers. The property had recently undergone window and boiler replacements prior to going on the market. Existing Fannie Mae debt with a 5.25% rate was paid at closing, including a yield maintenance prepayment penalty. Sage Crest was marketed prior to the 2016 presidential [...]

April 26, 2017 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

RAD II HAP Contract Sale-Carriage House-Section 8-HAP Contract-RAD-Adrian-Michigan

RAD II HAP Contract Sale in Adrian, Michigan

On April 6, 2017, AHIB closed on an 85 unit RAD II HAP contract sale in Adrian, Michigan. Of the units, 11% were covered by a Project-Based RAD II HAP Contract. The remaining units are operating under a HUD 236 Use Agreement through 2020. Carriage House has a current occupancy of over 96% with up-side potential through expense reduction and long-term rent growth. The property is located in Southeast Michigan, less than an hour from both Ann Arbor, MI [...]

April 6, 2017 By Kyle Shoemaker Sell RAD Property, Sell Subsidized Property Comments Off

Conventional Apartment Sale- Hawthorn Ridge - Section 8 - HAP Contract - Woodridge, Illinois

Suburban Chicago Project-Based Section 8 (HAP Contract) and Conventional Apartment Sale

In January, 2017, AHIB completed a suburban Chicago project-based Section 8 (HAP Contract) and conventional apartment sale in Woodridge, Illinois. The 176 unit family property had 40% of the units covered by a project-based Section 8 (HAP Contract) contract administered by IHDA and the remaining units operating as market rate. Ownership had recently placed an FHA-insured, HUD 223f loan, which had an attractive interest rate at 3.58%, but high reserve requirements and a low loan-to-value at the target pricing, [...]

January 30, 2017 By Kyle Shoemaker Sell HAP Contract Property, Sell Subsidized Property Comments Off

Elm Street-Section 8-HAP Contract-Marysville, Kansas

Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in Kansas

In December of 2016, AHIB closed on the first of a two-property Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in Kansas. The Elm Street Apartments closed and the adjacent property, Pony Run, a 24 unit USDA 515 community, is scheduled to close in the first quarter of 2017. Both properties were renovated utilizing Section 42 Low Income Housing Tax Credits (LITHC) and were currently beyond their initial compliance periods. The properties are located in Marysville, Kansas, a rural community [...]

January 4, 2017 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Senior LIHTC -Lincoln-Villas-Section-42-LIHTC-Racine-Wisconsin

Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in Wisconsin

On December 15th, AHIB completed a Senior LIHTC (Low Income Housing Tax Credit) and Project-Based Section 8 (HAP Contract) Sale in Wisconsin. AHIB was hired to market Lincoln Villas by a court-appointed receiver after the property’s parent company entered bankruptcy. A full HAP contract was in place in addition to LIHTC restrictions from a 2009 renovation financed by the Tax Credit Exchange Program. Furthermore, the deal was originally built under the HUD 202 program, but was refinanced in a [...]

December 16, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Subsidized Housing Property Sales