Sale of Chicago LIHTC Property for Over $260K a UnitKyle Shoemaker
In early March, 2019, Affordable Housing Investment Brokerage, Inc., in partnership with the Kiser Group, completed the sale of a Chicago LIHTC property for over $260K a unit. The property, Renaissance North, consisted of 59 apartment units, 57 garage parking spaces, and retail space. The property was built in 2003 with funding from Low Income Housing Tax Credits, HOME funds from the city of Chicago, and an 18 unit subsidy agreement with the Chicago Housing Authority via the Plan for Transformation program. 29 apartment units are unrestricted, market-rate units.
After a marketing effort that produced multiple offers from buyers around the country, a national investment firm focused on affordable and workforce housing emerged as the best option. The buyer was chosen both because of their deep track record in the space, and because of their proposal to pay off the property’s existing soft loans. This helped to streamline the approval process, even though the existing regulatory agreements were to remain in effect.