Oklahoma Exception Rent HAP Contract SaleKyle Shoemaker
On May 15th, 2018, Affordable Housing Investment Brokerage completed the sale of a 30-unit Exception Rent HAP contract property in Cushing, Oklahoma. Cushing is an hour drive northwest of Oklahoma City and is home to the nations largest commercial oil hub.
Multiple offers from an assortment of local, regional, and national buyers were procured. The purchaser, a real estate investment firm based out of California, used Fannie Mae debt to acquire the property. The transaction closed in just over four months including required HUD approvals and transfer of the Exception Rent HAP Contract. Eastbrook was originally financed with USDA 515 debt, which was paid off a few years ago releasing USDA related restrictions. The healthy in-place rents are protected by a 20-year Exception Rent HAP Contract, and not subject to an RCS every five years. The Exception Rent HAP Contract was effective as of 2012.
“You exceeded our expectations in finding a qualified buyer quickly,” stated Harland Wells, the original developer and seller of Eastbrook. “I, and my staff, were continually amazed at the speed of your response to us, and to others, as you coordinated and directed each aspect of the process to satisfy us, the buyer, and the governmental agencies involved. You did a great job of keeping all parties informed every step of the way.”