Oklahoma Mark-to-Market HAP Property Sold to National LIHTC DeveloperKyle Shoemaker
On December 29, 2017, AHIB closed on the $8,200,000 sale of 202 unit Mark-to-Market Project-Based Section 8 property. Windsong Apartments, located at 3131 S Mingo Rd in Tulsa, Oklahoma, is approximately ten miles east of downtown. The property was purchased by a California-based national affordable housing investor from the Denver based Windsong Housing Associates.
Windsong Apartments went through Mark-to-Market debt restructuring in 2003 and is subject to cash flow and rent restrictions for the remainder of its 30-year Mark-to-Market Use Agreement. More than ten offers were procured for the acquisition of Windsong Apartments.
Windsong Apartments is a 202-unit apartment community offering one and two-bedroom floorplans. The property is 100% covered by a Project-Based Section 8 Contract. The purchaser assumed the M2M debt while utilizing 4% low-income housing tax credits and bond financing to acquire and rehab the property.
“Please allow me to express our complete delight and satisfaction with Affordable Housing Investment Brokerage. From the beginning, Windsong Housing Associates felt we were placing our listing in very competent hands. I was impressed with not only your knowledge in the complicated art of selling a Mark-Market deal, but also the hand’s on attention to learning each aspect of the property’s operation and finally, your ability to rapidly present legitimate offers, at the price you had predicted and seeing the property through a successful closing.” Said Debi Ross, GP, Windsong Housing Associates, Ltd. “We look forward to doing future business with Affordable Housing Investment Brokerage.”