Kyle Shoemaker, Author at Affordable Housing Investment Brokerage

Mark-to-market hap contract - Laurel Village I and II - Somerset, PA

Mark-to-Market HAP Property Sold in Pennsylvania

Recently, AHIB brokered the sale of a 96-unit, full HAP Contract apartment community for $6.1 million in Somerset, Penn. The community, known as Laurel Village I and Laurel Village II, are two separate properties adjacent to each other and operated as one. Each property has its own HAP contract and set of financials. Laurel Village I was formerly operated under the 515 program, but that debt has been paid off and there are no USDA or 515 restrictions in [...]

Tax Credit Sale Near Oklahoma City

Affordable Housing Investment Brokerage, Inc. represented the seller of the 42-unit Lindens Apartments in Ada, Oklahoma. The tax credit property was placed in service in 2003 and is currently beyond its initial compliance period, with restrictions continuing through 2043. The tax credit sale also included approximately 6.0 acres of unoccupied residential zoned land. The property and adjacent land are located in QCT as well as Opportunity Zone. Lindens Apartments offers large two and three bedroom units and [...]

November 15, 2021 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Tax Credit Property Comments Off

Recent New York Closings in the Media

AHIB recently advised on the sale of two affordable, multifamily properties in New York – Briarwood Meadow Apartments outside Watertown and Summit Apartments in Syracuse. Both transactions total $11.3 million. We are grateful for the coverage from multiple top-notch real estate media sites. Please see below for some of the coverage: Affordable Housing Investment Brokerage Advises on $11.3 Million Sale of Two Apartment Communities in New York Markets | MultifamilyBiz.com Affordable Housing Investment Brokerage Closes Two Properties in New York Totaling $11.3 [...]

November 12, 2021 By Kyle Shoemaker News, Uncategorized Comments Off

Mayfair Apartments - Section 8 - Full HAP

HAP Coverage in Kansas City

Mayfair Apartments, located at 1224 E. Linwood Blvd. in Kansas City, MO is a 60-unit affordable housing community. Fifty-nine of the sixty units are covered by a 20 year HAP contract that was entered in 2007. All of the units are one-bedroom apartments, an ideal setting for senior tenants. Located two miles southeast of downtown Kansas City, tenants have access to many local area amenities. Mayfair Apartments is also located in a Qualified Census Tract as well as [...]

November 1, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Summit Syracuse - Section 8 - Partial HAP - Syracuse, NY

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 [...]

November 1, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

60 LIHTC Units Near Springfield

Yesterday, October 21, AHIB closed on 60 LIHTC Units near Springfield, Illinois. The two story garden community known as Chatham Crossing was developed with the Low Income Housing Tax Credit (LIHTC). The property was placed in service in 2005, therefore it is currently in the Extended Use Compliance period which continues until 2035. Chatham is a city of just over thirteen thousand people, located in the Springfield MSA, approximately two miles south of the Illinois State Capital. Seventy percent [...]

October 22, 2021 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Tax Credit Property Comments Off

Western Illinois HAP Sale

AHIB recently completed a full HAP sale in Western Illinois. Fieldcrest Apartments includes forty-one apartments operating under one HAP contract at two different sites in Western Illinois, specifically in the cities of Orion and Cambridge. The two locations are located approximately twelve miles apart and fourteen miles from the Quad Cities MSA. All units are reserved for independent seniors or disabled individuals. Fieldcrest was owned by long-term investors who have made numerous improvements to the properties, leaving [...]

September 20, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Full HAP coverage-New York-Briarwood MEadows

Full HAP Coverage in New York

Briarwood Meadow Apartments is a thirty-three unit apartment community with full HAP coverage from a project-based Section 8 contract. The community is in Black River, just outside of Watertown, New York. Watertown is the county seat of Jefferson County with a population just under one hundred ten thousand residents. The property has undergone significant physical renovations in recent years and has current rents that trail the market. Contract rents are both below comparable properties in the market, and HUD [...]

September 7, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Midwest Multifamily & Affordable Housing Business

The Multifamily & Affordable Housing Business regional magazine covers the full spectrum of news and trends analysis in the multifamily, affordable and workforce housing sector. The July/August edition of Midwest Multifamily & Affordable Housing Business features AHIB Managing Director Kyle Shoemaker in the following cover story: “Why Investors are Flocking to Multifamily.” The stability of both market-rate and affordable housing — even during a pandemic — is driving sales amid a push for portfolio diversification. You can [...]

August 20, 2021 By Kyle Shoemaker News Comments Off

LIHTC Award - Summit Garden-Jonestown Mississippi

9% LIHTC Award

Affordable Housing Investment Brokerage, Inc. represented the seller of the 65-unit Summit Garden Apartments in Jonestown, Mississippi. All the units of the multifamily property are covered by a Project-Based Section 8 HAP Contract that was entered in 2011 through the HUD Office of Housing Property Disposition. AHIB represented Summit Corporations in the sale of the Summit Garden Apartments to Hughes Spelling. The buyer received a 9% LIHTC award to complete the acquisition and renovation. Multiple offers were procured on [...]

July 9, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off