News - Page 7 of 9 - Affordable Housing Investment Brokerage

Three property project-based section 8 sale-Janesville-Neenah-Section 8-HAP Contract-Menasha-Wisconsin

Three Property Project-Based Section 8 Sale in Wisconsin

In November, AHIB completed a three property project-based Section 8 sale in Wisconsin. The properties totaled 96 units and were spread between three markets; Janesville, Neenah and Menasha, but operated under two HAP contracts and one FHA-insured loan. Due to the distance between the properties (Janesville is over a two hour drive from Neenah and Menasha), the market of buyers was primarily made up of of parties actively managing affordable housing in Wisconsin. After a brief marketing period, the private [...]

Family Project-Based Section 8-Hillcrest-Section 8-HAP Contract-McHenry-Illinois

$100K a Unit For a Family Project-Based Section 8 (HAP Contract) Sale to a LIHTC Developer

On October 26th, AHIB completed a deal that produced a price of over $100K a unit for a family project-based Section 8 (HAP Contract) sale to a LIHTC developer. AHIB was introduced to the potential seller in late 2015 by an outside party who knew the needed price would be very difficult to support. The owner had highly leveraged the property several years prior with an FHA-Insured mortgage, an selling the property for much more than the debt appeared [...]

October 26, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Minnesota Project-Based Section 8 Sale

On October 19th, AHIB closed on a Minnesota project-based Section 8 sale in Austin. The property was owned by a family business that was the original developer, who had never sold a property before. The deal formerly operated under a HUD 236 mortgage, which regulated the non-Section 8 units. Over a period of several years, Kyle Shoemaker of AHIB consulted with the owners to better position the property for sale, due primarily to artificially low rents coming off of [...]

October 20, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Senior Project-Based Section 8 Sale-Northridge-Village-Section-8-HAP-Contract-Taylorville-Illinois

Senior Project-Based Section 8 Sale in Illinois

On September 9th, AHIB completed a senior project-based Section 8 sale in Illinois. The property, Northridge Village, is a 24 unit complex operating with all units covered by an Option 4, exception rent HAP contract. The Seller was a family business that was the original developer of the property. They were referred to AHIB by another broker after trying to get an offer from a national Section 8 buyer. When they couldn’t make the deal, the buyer recommend AHIB [...]

September 12, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Elderly RAD II HAP Sale -Eastcourt-Village-HAP-Contract-RAD-II-HUD-236-Kankakee-Illinois

Elderly RAD II HAP Sale 60 Miles From Chicago

On September 1st, AHIB closed on an elderly RAD II HAP sale 60 miles from Chicago. The Eastcourt Village apartments in Kankakee, Illinois, have 133 units designated for elderly tenants, with a Project-Based Section 8 Contract (HAP contract) covering 90% of the property. AHIB worked with the seller over a period of several years, helping to convert the original Rent Supplement contract through a RAD II conversion to the Section 8 program. Legal counsel from Nixon Peabody prepared the [...]

September 6, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell RAD Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

AHIB Sells Senior Project-Based Section 8 -Jarvis-Farwell-Section-8-HAP-Contract-Chicago-Illinois

AHIB Sells Senior Project-Based Section 8 (HAP Contract) for Non-Profit in Chicago

In early June, 2016, AHIB sells senior project-based section 8 (HAP Contract) for non-profit in Chicago. The completed sale was of the Jarvis Farwell apartments in Chicago’s East Rogers Park neighborhood. The property consisted of two separate vintage buildings operating under one Project-Based Section 8 (HAP) contract, with a total of 85 units. After several unsuccessful attempts to sell the property directly, the Council for Jewish Elderly enlisted AHIB to market the deal in 2015 for a price higher [...]

June 9, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Partial HAP Contract Sale -Watterson-Lakeview-Section-8-HUD-236-Property-Louisville-Kentucky

Partial HAP Contract Sale with HUD 236 in Louisville, Kentucky

In April, 2016, AHIB closed on the partial HAP Contract sale of the Watterson Lakeview Apartments. The partial HAP Contract sale was 20% covered by the project-based Section 8 program. The deal also had a HUD 236 loan and is located in Louisville, Kentucky. The deal was completed as a co-listing with Cushman Wakefield of Cincinnati, who invited AHIB as a partner due to our affordable housing marketing expertise. After a short marketing period, eight offers were procured, including [...]

April 21, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Six Property Project-Based Section 8 Sale Completed by AHIB

On March 31st, Affordable Housing Investment Brokerage, Inc. (AHIB) completed a six property Project-Based Section 8 sale. The properties totaled 289 units and were spread across south-central Indiana, located in the cities of Franklin, French Lick, Paoli, Mitchell, Orleans, and Linton. 100% of the units were covered by a HAP Contract. AHIB represented a family business in the sale after the death of the original developer. The family originally solicited a pricing proposal from an active multi-family broker with a [...]

March 31, 2016 By Kyle Shoemaker Sell Section 8 Property, Sell Subsidized Property Comments Off

Tampa-Heights-Section-8-Property-Tampa-Florida

100% Project-Based Section 8 (HAP Contract) Property in Tampa, Florida

On December 22nd, AHIB completed the sale of a 36 unit HAP Contract property in Tampa, Florida. The deal, consisting of 100% project-based Section 8 units, was completed start to finish in just under seven months for over $56K a unit. A local owner enlisted AHIB after marketing the property himself. While he had procured at least one decent offer, he saw value in a broader effort to bring competition to his engaged buyer and see other options. AHIB’s efforts strengthened [...]

December 22, 2015 By Kyle Shoemaker Sell Section 8 Property, Sell Subsidized Property Comments Off

900 Units in Gary, Indiana

In November, 2015, AHIB closed on the sale of two properties totaling nearly 900 units in Gary, Indiana. The properties each had partial project-based Section 8 contracts (about 20% of the units were covered) and had been previously been financed with HUD 236 loans, which had recently matured. Concord Commons and Woodlake were sold to Merchants Affordable Housing Corporation, a non-profit started by the owner of Indianapolis’ PR Mortgage, with acquisition and rehab funding coming from tax exempt bonds [...]

December 1, 2015 By Kyle Shoemaker Sell Section 8 Property, Sell Subsidized Property Comments Off