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 another brokerage failed to get the deal closed. The offering was re-positioned and directly presented to the most aggressive and qualified buyers in the market, resulting in multiple offers. The closing occurred at the original price offered by a regional landlord utilizing a relationship bank for financing.