262-Unit Senior PRAC and 202 HAP Sale: $17.82 Portfolio in Baton Rouge
Affordable Housing Investment Brokerages, Inc. (AHIB) is pleased to announce the closing of the Lady of the Lake senior HUD housing portfolio, comprised of four properties, Chateau Louise, Villa St. Francis, Assisi Village, and Calais House in Baton Rouge, Louisiana. The campus is comprised of five adjacent buildings, three properties operating under PRAC contracts, one operating with a HAP contract under the HUD 202 program, and the fifth that serves as an office and community center.
AHIB procured multiple offers from a variety of buyers and was able to successfully close the deal through rigorous special requirements including Vatican approval. AHIB was able to reach the handful of buyers with experience assuming PRAC contracts and completing RAD II conversion, ultimately leading to closing the deal for just under eighteen million dollars ($18,000,000.00) on April 19th, 2023.