Western Michigan LIHTC PortfolioKyle Shoemaker
AHIB recently closed on a LIHTC portfolio comprised of 35 total units in three different cities within the western half of Michigan. The portfolio is comprised of three separate LIHTC developments that were constructed between 2003 and 2006 with funding from the Low Income Tax Credit program. Ashley Square is 12 units in Kalamazoo, Golden Eagle is 12 units in Benton Harbor, and Countryside is an 11 unit senior property in Ravenna (north of Grand Rapids). Each property is townhome style with individual entrances. Ashley Square and Golden Eagle both have attached garages.
Each property in the LIHTC Portfolio is in good physical condition and sold with high occupancy. Two of the three properties are Qualified Contract Eligible with limited deferred maintenance. The three properties were sold with third party management in place and is continuing with the sale. The combined price of the sale was just over $1M, or roughly $33,400 per unit.