Affordable Housing Investment Brokerage Inc. recently sold two Waterloo, Iowa apartment complexes, Mt. Carmel and Mt. Village, for $2,800,000. Managing Director Kyle Shoemaker and Senior Vice President Dan Piatkowski, represented both the purchaser, a non-profit, and seller, a private investor, to complete the transactions. 

“Operating under a senior designation, both complexes have 100% project-based Section 8 coverage through two HAP contracts,” said Shoemaker. “The buyer will preserve and commit to long-term affordability by completing a Low Income Housing Tax Credit (LIHTC) renovation post-closing.”

The properties are adjacent and operate as one out of the same office.  Mt. Carmel, located at 1603-1609 Mt. Carmel Dr., is a 13-building apartment complex comprising 50 units. Originally built in 1980, floor plans include 48 one-bedroom units and 2 two-bedroom units.  Mt. Village, located at 1702-1705 Mt. Village Dr., is an eight building apartment complex comprising 30 units. Originally built in 1992, floor plans include 22 one-bedroom units and eight studio units. 

“Senior residents are attracted to these properties for many reasons including floorplans with single story construction and individual entrances, as well as a quiet location adjacent to Allen Hospital.” said Dan Piatkowski, who focuses his brokerage efforts throughout the Central and Southwest part of the country.

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.”

Kiser Group and Affordable Housing Investment Brokerage recently brokered Renaissance North in Chicago’s Old Town neighborhood for $15,450,000. Kiser Group’s Senior Director Michael D’Agostino and Affordable Housing Investment Brokerage Managing Director Kyle Shoemaker represented the buyer, a national investment fund focused on workforce and affordable housing, and seller Renaissance Companies.

Renaissance North, located at 551 W. North Ave., is a 59-unit apartment building with ground floor retail in Chicago’s Old Town neighborhood. Built in 2003 under the Low Income Housing Tax Credit (LIHTC) program and HOME funds via the City of Chicago, 18 units are subsidized by an agreement with the Chicago Housing Authority (CHA).

“As one of the first sales of a property that was part of the CHA's Plan for Transformation, this deal presented unique challenges that required a buyer well-versed in not only the LIHTC program, but also dealing with multiple other layers of government regulation,” said Kyle Shoemaker, Managing Director with Affordable Housing Investment Brokerage.

“This property required a specific buyer profile and we were pleased with the national investor interest,” said Michael D’Agostino, Senior Director with Kiser Group. “In addition to the buyer’s focus on affordable housing, they saw opportunities to add value in the market rate units and the parking garage as well.”