Family Business Selling HAP and Mark to Market in Northwest IndianaKyle Shoemaker
This spring, AHIB worked with a family business selling HAP properties to successfully close on the sale of a portfolio of project-based Section 8 properties totaling nearly 500 units. The portfolio included a senior, mark to market deal with full Section 8 coverage in Hammond, and two family properties that formerly operated with HUD 236 loans and currently had partial Section 8 coverage in Michigan City. The properties were sold to two different buyers after a twenty two day marketing process that produced nearly twenty offers from all parts of the country.
The Family Business Selling HAP and Mark to Market in Northwest Indiana had originally developed the properties in the late 1970’s. Due to excellent sales environment and a new generation’s shifting priorities, the owners decided to sell. After interviewing several firms, AHIB was hired due to the unique combination of our affordable focus and local market knowledge from one broker, and flexible, independent ownership that could adjust to a client’s unique needs.