Three Property Project-Based Section 8 Sale in WisconsinKyle Shoemaker
In November, AHIB completed a three property project-based Section 8 sale in Wisconsin. The properties totaled 96 units and were spread between three markets; Janesville, Neenah and Menasha, but operated under two HAP contracts and one FHA-insured loan. Due to the distance between the properties (Janesville is over a two hour drive from Neenah and Menasha), the market of buyers was primarily made up of of parties actively managing affordable housing in Wisconsin.
After a brief marketing period, the private owners were presented with several strong offers to choose from. One group stood out both in their offered price and track record of doing similar business. A contract was negotiated and the closing occurred on the exact terms proposed.