KANSAS CITY, KS – Affordable Housing Investment Brokerage recently brokered Silver City Apartments, in Kansas City, Kansas for $8,900,000. Dan Piatkowski with Affordable Housing Investment Brokerage, Inc. worked collectively with the buyer and seller to complete the transaction. The purchasing group was a partnership between Skylline LLC and ND Consulting while the seller was Commercial Group, a Topeka, Kansas based owner and operator. 

Silver City Apartments, located at 1425 S. 55th St., is a 160-unit apartment building. Originally built in the 1970s, the property underwent a tax credit renovation in the mid-1990s. 

“The in-place exception rent HAP Contract was appealing to the purchaser and necessary to remain in order for the deal to pencil out appropriately,” said Dan Piatkowski, who focuses his brokerage efforts throughout the Central and Southwest part of the country.  

HUD recommended a significant renovation due to necessary capital improvements and poor REAC inspections.

“Timing was of the essence due to concerns from HUD regarding operations and physical conditions of Silver City.  The purchaser plans to expedite renovations required at the property. While the property has had its challenges in recent years,  we were able to close for over $55,500 per unit. The seller and purchaser worked together diligently with HUD staff to complete the complex transaction in a timely fashion.” said Piatkowski. “Kansas City is on an upward swing with much revitalization occurring near Silver City Apartments including new development and the addition of a new Walmart and adjacent police center. In the recent history, AHIB has been very active in the Kansas City MSA selling a number of other affordable housing communities including a Project-Based Section 8 property to the same purchaser, looking to add scale to their footprint.” 

JDS Real Estate Services and Affordable Housing Investment Brokerage recently brokered Kensington Village Apartments in Winston-Salem, North Carolina for $6,400,000. Jennifer D. Stein with JDS Real Estate Services, Inc. and Jeffrey Clousing with Affordable Housing Investment Brokerage, Inc. represented seller The Finch Group. Community Housing Partners acquired the property to expand its presence in North Carolina.

“Community Housing Partners is excited about the opportunity to serve the residents at Kensington Village Apartments and the greater Winston-Salem area,” said Kirsten Anderson, Vice President Asset Management, Community Housing Partners. We have a growing multi-family rental portfolio across six states in the Southeast and Mid-Atlantic, and Kensington Village will be a welcome addition to our North Carolina presence.”

Kensington Village Apartments, located at 479 Louise Wilson Lane, is a 142-unit apartment building. Acquired by The Finch Group in 2005, the apartment building was fully renovated by 2009.

“The tri-city area is attractive for multifamily investors because of continued population growth and economic opportunity,” said Jeffrey Clousing, who focuses his brokerage efforts on affordable housing properties throughout the Southeast region of the country. “The HUD deed restrictions made this a unique transaction. Our marketing efforts were specifically targeted toward a niche buyer profile that included the appropriate affordable housing experience to acquire and seamlessly transition management of Kensington Village Apartments under its affordable housing restrictions ”

“Jeff Clousing with AHIB did an excellent and timely job directly sourcing qualified buyers for Kensington Village,” said Wesley Finch, Chairman of The Finch Group. “His understanding of affordable housing programs and contacts in the southeast region resulted in a highly qualified buyer for this unique property.  Jeff and AHIB remained involved throughout the sales process and we are pleased with the result.”