Partial HAP Sale in New York
Summit Apartments, located at 301 Columbus Ave. in Syracuse, NY is a 108-unit affordable housing community (Partial HAP Contract) that is spread between five sites within a two-mile radius of Syracuse University. Ninety-three of the 108 units are covered by a 20 year HAP contract that was entered in 2006. Rents are 20% below market averages and is located in a Qualified Census Tract. The structure of this deal is well positioned to either cash flow with continued improvement of operations, or be restructured with Low Income Housing Tax Credits.
AHIB’s Managing Director Kyle Shoemaker and Associate Neal Wolf represented both the purchaser and the seller to complete the transaction. Multiple offers were procured from mix of national and regional buyers. Summit Apartments sold for $4 million.