Family Section 42 – Low Income Housing Tax Credit Property Sale – OklahomaKyle Shoemaker
On June 16, 2017, Affordable Housing Investment Brokerage closed on a family section 42 sale of Garland Square Apartments. Garland Square is a 36-unit Low-Income Housing Tax Credit property located in Stroud, Oklahoma. Stroud is a suburb of Tulsa, located off of Interstate 44 along the Oklahoma City-Tulsa corridor.
Garland Square is comprised of a mixture of market rate and rent restricted units with efficiency through four bedroom layouts. The property was less than 50% occupied at the time of the sale. The offering provided the purchaser upside opportunity through improved occupancy and operational improvements.
The seller is a regional non-profit organization headquartered in Oklahoma City while the purchaser is an owner-operator focused primarily in the Oklahoma City MSA.