Affordable Housing Investment Brokerage Inc. (AHIB) has recently sold Baker Manor Apartments in Macclenny, Florida for just over $2.5 million, with a reserve account released to the seller as additional consideration. Managing Director Kyle Shoemaker represented both the purchaser, The Grey Rock Group, and the seller to complete the transaction.
“Baker Manor is fully-covered by a project-based Section 8 contract that has allowed ownership to invest heavily in the property and make all necessary repairs and renovations as needed,” said Shoemaker.
Centrally located along South 6th Street, the 1974 construction, 50-unit, garden-style apartments consisting of 12 one-bedroom, 26 two-bedroom, and 12 three-bedroom units. Rents in the building range from $655 to $924 per month. Amenities include a playground, pool that underwent renovations in 2018, a laundry facility, community room, and on-site management office.
“The purchaser is The Grey Rock Group, an experienced owner of affordable housing who is actively working to build a portfolio of HAP deals throughout the country. Baker Manor will be an excellent addition to their growing portfolio.,” Shoemaker continued.
Baker Manor runs through downtown Macclenny and is close to Interstate 10 allowing easy access to Jacksonville. With its desirable location and being one of the only few apartment properties in town, Baker Manor has a strong historic occupancy and currently has a waiting list of approximately three years.