Full HAP Coverage in New YorkKyle Shoemaker
Briarwood Meadow Apartments is a thirty-three unit apartment community with full HAP coverage from a project-based Section 8 contract. The community is in Black River, just outside of Watertown, New York. Watertown is the county seat of Jefferson County with a population just under one hundred ten thousand residents. The property has undergone significant physical renovations in recent years and has current rents that trail the market. Contract rents are both below comparable properties in the market, and HUD FMR.
The unit mix at Briarwood is primarily two-bedroom floorplans, with three one-bed units and three three-bedroom units. The owner has completed a significant exterior physical overhaul in recent years, including new roofs, windows, siding, parking lots and doors. Current contract rents trail the market and are approximately 70% of HUD FMR.
Neal Wolf represented Seller in the transaction. According to Wolf, “The seller of this asset had been considering a sale for quite some time. The AHIB team was able to procure an experienced buyer who is expanding their affordable housing footprint in the northern part of New York.” The overall process was seamless for all affiliated parties. Please reach out if interested in learning more about this transaction or if you are considering buying or selling affordable assets.