News - Page 4 of 9 - Affordable Housing Investment Brokerage

POAH (Preservation of Affordable Housing) Preserves Chicago Property with AHIB

Affordable Housing Investment Brokerage (AHIB) is pleased to announce that Levy House in Chicago has sold for $8,100,000. Located at 1221 W. Sherwin Ave, Levy House is well placed in Chicago’s East Rogers Park neighborhood. Kyle Shoemaker, Managing Director of AHIB represented the buyer, Preservation of Affordable Housing (POAH), and seller, a non-for-profit. Levy House is a 57-unit, seven-story apartment building that offers one-bedroom, one-bathroom floor plans. The property operates as elderly housing and Preservation of Affordable Housing plans to [...]

January 19, 2021 By Kyle Shoemaker News Comments Off

Senior LIHTC Sale in Kansas City

Closing out 2020, AHIB closed on a Senior LIHTC Sale in Kansas City. The Cottages of Belton and Cottages of Kansas City East offer a total of 180 affordable units specifically designated for those 55 and older. Both properties were built and placed-in-service in 1996 using Low Income Housing Tax Credits. Both sites are well-maintained and stabilized with an extensive waitlist. Cottages of Belton and Cottages of Kansas City East are approximately twenty miles from each other and offer [...]

Downtown Kansas City Sale

Gateway Plaza, located in downtown Kansas City, closed in late November. The 147 unit property has 99% HAP coverage. Two units are market rate. Well located in downtown Kansas City, Gateway is comprised of two and three bedroom units. They are large townhome style units with basements. The owner is a regional owner and operator of affordable housing communities who renovated the community using Low-Income Housing Tax Credits in the mid 1990’s. The property was beyond it’s initial tax credit [...]

December 16, 2020 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property Comments Off

Senior HAP Sale - Cambridge - Lawton Oklahoma

Senior HAP sale in Oklahoma

On October 30, 2020, AHIB closed a Senior HAP sale. Multiple offers were received on this Independent Senior HAP sale which is located in Lawton, Oklahoma. The seller was a non-profit developer. The original owner applied but did not receive a LIHTC allocation. As a result, they decided to sell. The purchaser acquired the community using conventional financing. They are considering refinancing with HUD debt in the future.

November 17, 2020 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

249 Unit HAP Sale in Gary, Indiana

AHIB, Inc. is pleased to announce the closing of Gary NSA I/II, also known as the 5th Avenue Apartments, in Gary, Indiana. The property consisted of fourteen separate buildings, primarily along the 5th Avenue corridor in downtown Gary. All units are covered by a Mark to Market HAP contract. Mark to Market, FHA-insured debt was in place, but was fully paid at closing. The property owner engaged Kyle Shoemaker and AHIB to conduct a marketing effort after [...]

June 1, 2020 By Kyle Shoemaker Sell HAP Contract Property, Sell HUD Financed Property, Sell Section 8 Property, Sell Tax Credit Property Comments Off

Senior HAP Closing During Covid-19

In May of 2020, AHIB successfully closed on the sale of Mt Carmel and Mt Village II apartments in Waterloo, Iowa. The deals went under contract in the late fall of 2020. The buyer, an east coast based non-profit, AHIB, and KeyBank, the buyer’s Freddie Mac lender, worked together to keep the deal on track through the Covid-19 crisis. The closing occurred at the original sale price. A post-closing renovation is planned using LIHTC funds. The [...]

May 26, 2020 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

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