Sell HAP Contract Property Archives - Page 2 of 4 - Affordable Housing Investment Brokerage

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 [...]

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

Senior HAP Sale in Wichita

On June 17, 2021, AHIB completed the sale of Greenway Park, a 91-unit Senior HAP complex. Built in 1979, Greenway Park is a Project-Based Section 8 Senior and Disabled property consisting of one 3-story building containing 91 one-bedroom apartment homes on 3.25 acres. Greenway Park is located at 404 W. Pawnee Avenue just minutes from downtown Wichita. The property is one of a very few competing properties for affordable, independent senior apartment options in the area. This Senior HAP project [...]

June 17, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Florida Project-Based Section 8 Sale

In February, 2021, AHIB closed on the Florida project-based section 8 sale known as Baker Manor. Located in Macclenny, Florida, Baker Manor is located within the Jacksonville, Florida MSA. The property was originally constructed around 1974 and was renovated in 1997 using State Apartment Incentive Loan (SAIL) funds. The garden style apartments consist of one-bedroom, two-bedroom and three bedroom units. Property amenities include a playground, a pool, laundry facility and a community room. Baker Manor Apartments is fully-covered by [...]

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

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

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

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

HAP Contract Property Sales