Six Property Project-Based Section 8 Sale Completed by AHIBKyle Shoemaker
On March 31st, Affordable Housing Investment Brokerage, Inc. (AHIB) completed a six property Project-Based Section 8 sale. The properties totaled 289 units and were spread across south-central Indiana, located in the cities of Franklin, French Lick, Paoli, Mitchell, Orleans, and Linton. 100% of the units were covered by a HAP Contract.
AHIB represented a family business in the sale after the death of the original developer. The family originally solicited a pricing proposal from an active multi-family broker with a major national company. That broker’s pricing conclusion was significantly lower than the proposal from AHIB, likely due to their lack of experience with HAP contracts and Mark to Market Debt (two of the properties went through the HUD M2M program).
In just over one month of marketing, AHIB produced seven qualified offers. A contract was negotiated and the buyer closed within five months, with no change in price or extension of timelines.