SVN Affordable Brokers 1,975-Unit Low Income Housing Tax Credit Portfolio Located in VA, NC and GA
CINCINNATI (PRWEB) September 26, 2018 -- SVN Affordable | Levental Realty (SVN Affordable) announced today that the first tranche of a 3,751 unit Southeast Affordable Housing Portfolio has sold. SVN Affordable acted as the exclusive listing broker and facilitated a discrete, “invite-only” marketing campaign on behalf of the seller.
The first tranche of the two-part portfolio includes 1,975 units located in Virginia, North Carolina, and Georgia. This part of the portfolio is comprised of thirteen properties, all of which were built or rehabbed with 4% or 9% Low-Income Housing Tax Credits. The projects were placed in service between 2000-2004. Eleven of the thirteen projects have a family designation while two of the properties are designated elderly.
The seller acquired the distressed assets under a value add strategy, implementing a substantial restabilization effort. Significant capital improvements were completed, addressing deferred maintenance and improving property operations and occupancy over a 3 year period. The stabilized portfolio was acquired by the buyer with the intent of preserving the long-term affordability of the assets. The final tranche of the portfolio, consisting of 1,776 Project Based Section 8 units, is set to close before the end of year.
“Given the scale, geographic footprint, and affordable component of this portfolio, we were looking for a very specific buyer who had the motivation to expand in the SE, had access to a flexible capital stack, along with the deal team and capacity to take on this type of acquisition in order to assure a smooth escrow, “ said Gene Levental, Managing Director, SVN Affordable. “After working collaboratively with the seller, we hand-selected an exclusive group of Affordable Housing developers and investors that fit the profile and invited them to bid on the opportunity. After a best and final round, followed by buyer interviews, we were confident the buyer selected for this tranche had the desire and ability to execute.”
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About SVN AFFORDABLE | Levental Realty
SVN AFFORDABLE | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through their national platform and proprietary database. Our financial, regulatory and statutory expertise, paired with our strategic alliance of industry professionals, allows us to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for our clients.
About SVN® International Corp.
SVN International Corp. (SVN), a full-service commercial real estate franchisor of the SVN® brand, is one of the industry’s most recognized names based on the annual Lipsey Top Brand Survey. With 200 offices and over 1600 Advisors and staff, SVN provides sales, leasing, corporate services and property management services to clients across the globe. SVN Advisors also represent clients in affordable housing, auction services, corporate real estate, distressed properties, golf and resort, hospitality, industrial, investment services, land, medical, multifamily, office, retail, self-storage and single tenant investments. All SVN offices are independently owned and operated. For more information, visit https://www.svn.com.
Gene Levental, SVN Affordable | Levental Realty, http://www.svn-ahg.com/, 513-321-7589, [email protected]
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