Family Section 42 Sale - Affordable Housing Investment Brokerage, Inc.

20 Jun

Family Section 42 – Low Income Housing Tax Credit Property Sale – Oklahoma

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

On June 16, 2017, Affordable Housing Investment Brokerage closed on a family section 42 sale of Garland Square Apartments. Garland Square is a 36-unit Low-Income Housing Tax Credit property located in Stroud, Oklahoma. Stroud is a suburb of Tulsa, located off of Interstate 44 along the Oklahoma City-Tulsa corridor.

Garland Square is comprised of a mixture of market rate and rent restricted units with efficiency through four bedroom layouts. The property was less than 50% occupied at the time of the sale. The offering provided the purchaser upside opportunity through improved occupancy and operational improvements.

The seller is a regional non-profit organization headquartered in Oklahoma City while the purchaser is an owner-operator focused primarily in the Oklahoma City MSA.

To be a successful affordable housing real estate broker you have to be knowledgeable in the industry and know the housing programs. Because AHIB speaks our language, they match us up with buyers that meet our sales price expectations and get us to the closing table. AHIB breaks down complicated HUD/LIHTC transactions to their simplest form. Because of their expertise and valuing relationships, we look forward to working with AHIB to serve our future brokerage needs. .

David ProutPresident - Chesapeake Community Advisors, Inc.

When one of our owners needed to sell an existing low income housing tax credit property in a tough market, with existing tax credits as part of the deal, I immediately knew AHIB and Kyle Shoemaker were the right team for the job. AHIB was very sensitive to the concerns we had for our onsite employees while maximizing our owner’s best interest. Multiple offers at our target price were procured within a few weeks, including buyers who paid full value for the remaining LIHTCs.

Timothy ShaferPresident - HI Management

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