Kyle Shoemaker, Author at Affordable Housing Investment Brokerage

Kensington-Village-Affordable Housing-Winston-Salem-North-Carolina

142-Unit Affordable Housing property sold in Winston-Salem, North Carolina

We are pleased to announce the sale of Kensington Village Apartments, a 142-unit multifamily apartment property in Winston-Salem, North Carolina. The well-maintained, stabilized property was originally built in the 1970’s and completely renovated in 2009. The prior renovation was financed by various sources including a HUD Grant. The HUD Grant was accompanied by multiple affordable housing deed restrictions including limits on tenant income and rent maximums. The brokers deployed a targeted marketing effort to identify and engage [...]

May 31, 2019 By Kyle Shoemaker News, Sell HUD Financed Property, Sell Subsidized Property Affordable Housing Sale, North Carolina Affordable Housing Comments Off

Civic Plaza-Section 8 Property-Rock Falls-Illinois

Senior Section 8 Sale in Western Illinois

In April of 2019, AHIB closed on the a senior section 8 sale in western Illinois. Civic Plaza is a 63 unit property with a full HAP contract, designated for independent senior living and located in Rock Falls, Illinois. After a marketing effort producing multiple offers, the owner chose to sell to a Chicago-based buyer who was using funds from a 1031 exchange. Furthermore, the buyer has ample experience working with both HUD and AHIB to give confidence [...]

April 22, 2019 By Kyle Shoemaker Sell HAP Contract Property, Sell HUD Financed Property, Sell Section 8 Property Comments Off

Sale of Chicago LIHTC Property for Over $260K a Unit

In early March, 2019, Affordable Housing Investment Brokerage, Inc., in partnership with the Kiser Group, completed the sale of a Chicago LIHTC property for over $260K a unit. The property, Renaissance North, consisted of 59 apartment units, 57 garage parking spaces, and retail space. The property was built in 2003 with funding from Low Income Housing Tax Credits, HOME funds from the city of Chicago, and an 18 unit subsidy agreement with the Chicago Housing Authority via [...]

March 13, 2019 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Subsidized Property, Sell Tax Credit Property Comments Off

City Center Place - Section 42 LIHTC - Birmingham, AL

Senior Section 42 LIHTC Property sold in Birmingham, AL

In early October 2018, AHIB completed the sale of City Center Place Apartments, a senior designated, Section 42 LIHTC property in downtown Birmingham, Alabama. The well-maintained property was originally constructed in 1998. It was financed with a combination of Section 42 LIHTC funds and HOME Loans from the Alabama Housing Finance Agency (AHFA) and the City of Birmingham. The property operates under regulatory agreements for both the LIHTC funds and HOME funds. The property’s non-profit board [...]

October 31, 2018 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Subsidized Property, Sell Tax Credit Property Comments Off

HUD 202 Restricted Sale - ICARE - Section 8 - HAP Contract - Westmont Illinois

HUD 202 Restricted Sale of a HAP Property in Suburban Chicago

On October 1st, AHIB completed the HUD 202 Restricted Sale of a HAP Property in Suburban Chicago. The building, known as ICARE (Illinois Chinese American Residence for the Elderly), is located in Westmont, Illinois, and is comprised of 60 units of which 59 are covered by a project-based Section 8 contract. Though the property had previously been refinanced, there is still a HUD 202 Use Agreement in place, restricting ownership to a non-profit organization and limiting allowable distributions. The property’s non-profit [...]

October 2, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell HUD Financed Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off

Oregon Senior Section 8 Sale

On September 14th, AHIB completed an Oregon senior Section 8 sale. The property, Rose Senior Apartments, has 40 units covered by a HAP contract and a commercial space. The building is a historic mid-rise in downtown Roseburg. After multiple bids were procured by regional buyers in an effort to complete the Oregon senior Section 8 sale, the owner opted to sell to a local non-profit. As an entrepreneur involved in other businesses in the community, it was critical to the [...]

September 17, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Sneedville, Tennessee - Project-based Section 8 - LIHTC - Sold

Tennessee Project-based Section 8 property sold to LIHTC Developer

In August 2018, AHIB completed the sale of a 51-unit project-based Section 8 contract property located in Sneedville, Tennessee. The family property is fully-covered by the HAP Contract and went through the HUD Mark-to-Market restructuring in 2003. The property is made of 24 one-bedroom units, 21 two-bedroom units and 6 three-bedroom units. The buyer was a regional LIHTC developer who received an allocation of 9% Low Income Housing Tax Credits from the Tennessee Housing Development Agency [...]

August 31, 2018 By Kyle Shoemaker News, Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

OK Tax Credit Portfolio - LIHTC - Section 42 - Pauls Valley - Seminole - Oklahoma

187-Unit Oklahoma Tax Credit Portfolio Sale

On May 31, 2018, Affordable Housing Investment Brokerage completed the transaction of a 187-unit Low-Income Housing Tax Credit portfolio located in Oklahoma. The deal, owned by an Oklahoma City-based non-profit organization, included a 124-unit multi-family complex located in Pauls Valley and 63 single family rental homes split between Pauls Valley and Seminole. The purchaser, a regional owner operator had no financing contingencies and placed a non-refundable earnest money deposit at execution of the LOI and again at execution of the [...]

June 19, 2018 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Tax Credit Property, Uncategorized Comments Off

Eastbrook Apartments - Exception Rent HAP Contract - Section 8 - HAP - Cushing - Oklahoma

Oklahoma Exception Rent HAP Contract Sale

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 [...]

June 6, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off

Windsong Apartments - Section 8 - HAP - Mark-to-Market

Oklahoma Mark-to-Market HAP Property Sold to National LIHTC Developer

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. [...]

May 3, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off