9% LIHTC AwardKyle Shoemaker
Affordable Housing Investment Brokerage, Inc. represented the seller of the 65-unit Summit Garden Apartments in Jonestown, Mississippi. All the units of the multifamily property are covered by a Project-Based Section 8 HAP Contract that was entered in 2011 through the HUD Office of Housing Property Disposition. AHIB represented Summit Corporations in the sale of the Summit Garden Apartments to Hughes Spelling. The buyer received a 9% LIHTC award to complete the acquisition and renovation. Multiple offers were procured on the property with a price determined by the market. Ultimately, AHIB achieved a sale price of $1,900,000.
The unit mix at the property includes 16 one-bedroom units, 16 two-bedroom units, 17 three-bedroom units and 16 four-bedroom units. Summit Garden Apartments was formerly purchased at HUD foreclosure auction in 2011, and was subsequently stabilized by current ownership. It is located approximately 90 minutes from Memphis, Tennessee and in close proximity to Clarksdale, Mississippi.