Florida Project-Based Section 8 Sale - AHIB Inc. - HAP Contract Property

01 Mar

Florida Project-Based Section 8

Florida Project-Based Section 8 Sale

By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property Comments Off

In February, 2021, AHIB closed on the Florida project-based section 8 sale known as Baker Manor. Located in Macclenny, Florida, Baker Manor is located within the Jacksonville, Florida MSA. The property was originally constructed around 1974 and was renovated in 1997 using State Apartment Incentive Loan (SAIL) funds. The garden style apartments consist of one-bedroom, two-bedroom and three bedroom units. Property amenities include a playground, a pool, laundry facility and a community room.

Baker Manor Apartments is fully-covered by a project-based Section 8 contract and formerly owned by a nonprofit organization. The seller paid off the existing SAIL loan at closing, but the SAIL use agreement survived the payoff of the outstanding loan.

Baker Manor in the news:

Affordable Housing Investment Brokerage closes on 50-Unit, Section 8 Baker Manor Apartments in Macclenny, Florida for $2.5 Million

AHIB Arranges $2.5M Sale on Section 8 Public Housing Community in Macclenny, Florida

http://www.multifamilypress.com/categories/property-acquisitions/2970-affordable-housing-investment-brokerage-closes-on-50-unit-section-8-baker-manor-apartments-in-macclenny-florida-for-2-5-million

https://www.multifamilybiz.com/pressreleases/12872/affordable_housing_investment_brokerage_closes_on_

To be a successful affordable housing real estate broker you have to be knowledgeable in the industry and know the housing programs. Because AHIB speaks our language, they match us up with buyers that meet our sales price expectations and get us to the closing table. AHIB breaks down complicated HUD/LIHTC transactions to their simplest form. Because of their expertise and valuing relationships, we look forward to working with AHIB to serve our future brokerage needs. .

David ProutPresident - Chesapeake Community Advisors, Inc.

When one of our owners needed to sell an existing low income housing tax credit property in a tough market, with existing tax credits as part of the deal, I immediately knew AHIB and Kyle Shoemaker were the right team for the job. AHIB was very sensitive to the concerns we had for our onsite employees while maximizing our owner’s best interest. Multiple offers at our target price were procured within a few weeks, including buyers who paid full value for the remaining LIHTCs.

Timothy ShaferPresident - HI Management

© Copyright 2024, Affordable Housing Investment Brokerage, Inc. All Rights Reserved. This information is taken from sources believed to be reliable. Affordable Housing Investment Brokerage, Inc. makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risks for any inaccuracies. The Affordable Housing Investment Brokerage Logo is a registered trademark of Senior Living Investment Brokerage, Inc.

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