100% Project-Based Section 8 (HAP Contract) Property in Tampa, FloridaKyle Shoemaker
On December 22nd, AHIB completed the sale of a 36 unit HAP Contract property in Tampa, Florida. The deal, consisting of 100% project-based Section 8 units, was completed start to finish in just under seven months for over $56K a unit.
A local owner enlisted AHIB after marketing the property himself. While he had procured at least one decent offer, he saw value in a broader effort to bring competition to his engaged buyer and see other options. AHIB’s efforts strengthened his position, providing back-up options and more solid footing with the buyer at the table, who ultimately closed the deal.
The buyer is local to the market but a strong affordable housing developer on a national level. They plan a LIHTC execution post closing to improve some aging systems on the already exceptionally maintained property.