Affordable Housing Investment Brokerage, Inc. Brokers $8.2M Mark to Market HAP Deal in Tulsa, OK

Share Article

The 202-unit affordable housing deal sold to Hampstead Companies.

Although Windsong Apartments is subject to cash flow and rent restrictions for the remainder of its 30-year Mark-to-Market Use Agreement, AHIB was able to procure more than ten competitive offers for the property from a pool of highly qualified local and national affordable housing investors

Affordable Housing Investment Brokerage, Inc. (AHIB) recently brokered the $8,200,000 sale of 202-affordable units in Tulsa, Oklahoma, approximately ten miles east of downtown. Windsong Apartments, located at 3131 S Mingo Rd, was brokered by AHIB’s Dan Piatkowski and Jeff Clousing. Hampstead Companies, a national affordable housing investor purchased the property from the Denver based Windsong Housing Associates.

“Although Windsong Apartments is subject to cash flow and rent restrictions for the remainder of its 30-year Mark-to-Market Use Agreement, AHIB was able to procure more than ten competitive offers for the property from a pool of highly qualified local and national affordable housing investors,” said AHIB’s Dan Piatkowski.

Windsong Apartments is a 202-unit apartment community offering one and two-bedroom floorplans. The property is 100% covered by a Project-Based Section 8 Contract and went through Mark-to-Market restructuring in 2003. “Despite the turbulence in the LIHTC market due to federal tax reform at the end of 2017 and complexities of assuming the M2M debt, all parties involved worked diligently to successfully close the transaction,” said AHIB’s Jeff Clousing.
The purchaser is utilizing 4% low-income housing tax credits and bond financing to acquire and rehab the property.

About Affordable Housing Investment Brokerage, Inc.: Affordable Housing Investment Brokerage, Inc. (AHIB) was founded by Kyle Shoemaker after identifying a need for an investment brokerage dedicated to the specific needs of the affordable housing industry. Driven by a passion for maximizing client wealth while serving an industry that provides a vital social need, AHIB's principals have sold over $1B in niche real estate investments, including Project-Based Section 8, Section 42, and HUD-financed properties. The firm provides a national platform for these specialized assets having completed over 60 transactions throughout the country since 2015.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Visit website