Sell HAP Contract Property Archives - Affordable Housing Investment Brokerage

Heritage Apartments: 8.45M HAP Sale in Georgia

Affordable Housing Investment Brokerages, Inc. (AHIB) is pleased to announce the closing of the Heritage Apartments, a HAP offering in Griffin, Georgia. Heritage Apartments is a 120-unit community with 94% HAP coverage and 7 market rate units. Griffin is a city within the metropolitan Atlanta area in the Southeast of Georgia, and 33 miles from Hartsfield-Jackson International Airport. At the time of sale, the building was in excellent condition with 98% occupancy. AHIB represented the seller and was able to procure [...]

September 29, 2023 By Bill Brading Sell HAP Contract Property, Sell Section 8 Property Georgia, HAP, Sale Comments Off

Maple Park Apartments: Senior HAP Sale in Iowa

Affordable Housing Investment Brokerages, Inc. (AHIB) is pleased to announce the closing of the Maple Park Apartments, a HAP offering in Algona, Iowa. Maple Park is an Independent Senior community with full HAP coverage. Algona is a city of over five thousand residents in northern Iowa, between Des Moines and Minneapolis. The city is the county seat and home to a regional medical center. The property is a quiet community with a landscaped garden courtyard, laundry facilities on each floor, [...]

August 17, 2023 By Kyle Shoemaker Sell HAP Contract Property Algona, HAP, Iowa Comments Off

Our Lady of the Lake-Senior PRAC and 202 HAP-Baton Rouge-LA-262units

262-Unit Senior PRAC and 202 HAP Sale: $17.82 Portfolio in Baton Rouge

Affordable Housing Investment Brokerages, Inc. (AHIB) is pleased to announce the closing of the Lady of the Lake senior HUD housing portfolio, comprised of four properties, Chateau Louise, Villa St. Francis, Assisi Village, and Calais House in Baton Rouge, Louisiana. The campus is comprised of five adjacent buildings, three properties operating under PRAC contracts, one operating with a HAP contract under the HUD 202 program, and the fifth that serves as an office and community center. AHIB procured multiple offers [...]

April 21, 2023 By Kyle Shoemaker Sell HAP Contract Property, Sell PRAC Property 202 HAP, HAP, Louisianna, PRAC, RAD, Senior Comments Off

Valkommen Plaza: Independent Senior Apartments Sale in Illinois

Affordable Housing Investment Brokerage, Inc. (AHIB) represented the seller of the 171-unit Valkommen Plaza, an independent senior apartment building operating with a HAP contract. Valkommen Plaza is a nine-story, elevator building with commercial spaces on the first floor, providing excellent amenities including a beauty salon, police sub-station and grocery for the local community of downtown Rockford, Illinois. Rockford, Ill., boasts a population of 150,000 just 70 miles northwest of Chicago on Interstate 90. Officials just announced a $200M planned [...]

February 6, 2023 By Kyle Shoemaker Sell HAP Contract Property HAP, Illinois, LIHTC, Rockford, Sale, Senior, Valkommen Plaza Comments Off

HUD 202 Sale in Pennsylvania

In early March of 2022, AHIB, Inc. completed the sale of the Kime Apartments, a 50 unit, HUD 202, HAP contract property in Great Bend, Pennsylvania. While the property’s original HUD 202 was refinanced several years ago, the HUD 202 Use Agreement was still in place, restricting future ownership based on substantial non-profit participation. The HUD 202 apartments are located on the northern boarder of Pennsylvania, between Scranton, PA and Binghampton, New York. Marketing produced multiple offers from regional and [...]

March 15, 2022 By Kyle Shoemaker Sell HAP Contract Property, Sell HUD Financed Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

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 [...]

November 19, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property 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

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

HAP Contract Property Sales