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SVN Affordable brokers 1,776-unit Affordable Housing Portfolio

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Cincinnati, OH, March 22, 2019 (GLOBE NEWSWIRE) — SVN Affordable | Levental Realty (SVN Affordable) announced today that the second 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 second tranche of the two-part portfolio is comprised of 1,776 units located in Virginia, North Carolina, South Carolina, Georgia, and Florida. This part of the portfolio is comprised of twelve properties, all of which are covered by Project-Based Section 8 HAP Contracts.  The properties were rehabbed with 4% or 9% Low-Income Housing Tax Credits between 2000-2006 and are at or near the end of their initial tax credit compliance periods. Eleven of the twelve projects have a family designation while one of the properties is designated elderly.

 

The first tranche of the two-part portfolio was comprised of 1,975 Low-Income Housing Tax Credit units located in Virginia, North Carolina, and Georgia and closed in September 2018.

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.

“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.”

 

 

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®

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 & 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 www.svn.com.

 

https://www.globenewswire.com/news-release/2019/03/22/1759447/0/en/SVN-Affordable-brokers-1-776-unit-Affordable-Housing-Portfolio-located-in-VA-NC-SC-GA-FL.html

 

SVN Affordable brokered over $350 million in throughout the United States in seven months

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SVN Affordable | Levental Realty (SVN Affordable), one of the nation’s leading commercial real estate firms specializing in affordable housing, brokered over $350 million in Project Based Section 8 and Section 42 transactions throughout the United States in seven months.

“We commend SVN Affordable | Levental Realty for their continued commitment to providing industry-leading service and expertise in the market to establish SVN as a leader in this sector,” said Kevin Maggiacomo, President & CEO of SVN. “SVN’s Shared Value Network, centered on the philosophy that proactive collaboration with the global commercial real estate ensures maximum value for a property, provides our franchises with the essential tools to deliver exceptional client service and drive successful business results as evidence by these noteworthy transactions.”

The transactions brokered by SVN Affordable include affordable multifamily properties of varying sizes and diverse locations across the country.

“SVN Affordable 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 our 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,” said Gene Levental, Managing Director of SVN Affordable. “Given the current economic environment, we are able to appropriately advise sellers to ensure they have the opportunity to capitalize on the current momentum in the market and maximize on an aggressive pricing strategy.”

SVN Affordable advised the seller on each of these transactions:

  •     New Jersey Portfolio: Consisting of eight individual multifamily properties located throughout Central and Northern, NJ, totaling 1,202 units. Seven of the eight properties closed at $181.5 million. The eighth property is set to close in the first quarter of 2018, which will bring the total portfolio value to $213 million. All of these assets benefit from long-term project based HAP Contracts.
  •     Rand Grove Village: A Project -Based Section 8 multifamily property consisting of 212 units in Cook County IL. This property sold for $35 million.
  •     Circle Terrace Apartments: Consisting of 303 units, located in Landsdowne, MD. This Project-Based Section 8 development sold for $30.5 million.
  •     Pequot Highlands: Located in Salem, MA, this 250-unit RAD conversion is covered by a long-term Project-Based Voucher Contract and sold for $26.65 million.
  •     Park Vista: Built in 2001, this 212-unit Low Income Housing Tax Credit property located in Watauga, Texas sold for $17.75 million.
  •     Roxbury Hills Apartments: Located at 140 Humboldt Avenue in Boston, MA, this 111-unit multifamily development sold for $15.1 million. The property is encumbered by Mass Housing Affordability restrictions in perpetuity.
  •     St. Mark Apartments: A 52-unit, Project-Based Section 8 property located at 959 St. Marks in Crown Heights, Brooklyn, NY, sold for $12.85 million.
  •     Baltimore Gardens & Cleveland Gardens: Consisting of two projects covered by separate HAP Contracts, totaling 201 units, this Las Vegas, NV development sold for $12.35 million and will be preserved using Low Income Housing Tax Credits.
  •     Berkeley Terrace: A Project-Based Section 8 development located at 10 Berkeley Terrace in Irvington, NJ consisting of 153 units. The property sold for $12.25 million.

About SVN Affordable | Levental Realty
SVN Affordable | Levental Realty is an independently owned and operated SVN® office working exclusively on affordable housing transactions across the country with offices headquartered in Cincinnati, Ohio. The SVN organization, a globally recognized commercial real estate franchisor, is comprised of over 1,600 advisors and staff in more than 200 offices across the globe, and provides services to over 500 markets across the United States. SVN’s Core Values of transparency, cooperation and organized competition center on what is truly important for achieving organizational success and lasting value. SVN’s unique Shared Value Network® is just one of the many ways that SVN Advisors create amazing value with our clients, colleagues and communities. For more information, visit http://www.svn.com.

SVN Affordable Arranges $30.5M Sale of Section 8 Multifamily Property in Metro Baltimore

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LANSDOWNE, MD. — SVN Affordable | Levental Realty has arranged the $30.5 million sale of Circle Terrace, a 303-unit affordable housing community located at 2926 Lakebrook Circle in Lansdowne, about seven miles south of Baltimore. Landex Corp., which developed Circle Terrace in 1977, sold the Section 8 property to Millenia Housing Development Ltd., which used short-term Freddie Mac financing in the acquisition via Pillar Financial. David Shlahtechman of SVN Affordable represented Landex in the sale. Nixon Peabody LLP served as Millenia Housing’s HUD counsel for the transaction, and Gallagher Evelius & Jones LLP represented Landex.

 

SVN Affordable Arranges $30.5M Sale of Section 8 Multifamily Property in Metro Baltimore

Test Post Nine

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Test Post Eight

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Quisque in est urna. Praesent et metus eget magna facilisis finibus. Donec bibendum magna id suscipit gravida. Suspendisse mattis augue et massa cursus suscipit. Etiam ut urna eget erat rhoncus accumsan a vel dolor. Nulla tincidunt consequat ultricies. Integer volutpat diam at lobortis finibus.

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Test Post Seven

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Quisque in est urna. Praesent et metus eget magna facilisis finibus. Donec bibendum magna id suscipit gravida. Suspendisse mattis augue et massa cursus suscipit. Etiam ut urna eget erat rhoncus accumsan a vel dolor. Nulla tincidunt consequat ultricies. Integer volutpat diam at lobortis finibus.

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Post Test Six

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce convallis aliquam turpis, ut tincidunt nibh egestas porttitor. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec elit leo, dignissim sed malesuada quis, varius sed erat. Duis blandit feugiat pharetra. Praesent ex tortor, euismod vitae laoreet fringilla, pretium mollis erat. Nullam hendrerit arcu ligula. Mauris arcu augue, congue a porta id, dictum condimentum lectus. Praesent vel metus ac magna consequat cursus.

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Post Test Three

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce convallis aliquam turpis, ut tincidunt nibh egestas porttitor. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec elit leo, dignissim sed malesuada quis, varius sed erat. Duis blandit feugiat pharetra. Praesent ex tortor, euismod vitae laoreet fringilla, pretium mollis erat. Nullam hendrerit arcu ligula. Mauris arcu augue, congue a porta id, dictum condimentum lectus. Praesent vel metus ac magna consequat cursus.

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Post Test Five

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce convallis aliquam turpis, ut tincidunt nibh egestas porttitor. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec elit leo, dignissim sed malesuada quis, varius sed erat. Duis blandit feugiat pharetra. Praesent ex tortor, euismod vitae laoreet fringilla, pretium mollis erat. Nullam hendrerit arcu ligula. Mauris arcu augue, congue a porta id, dictum condimentum lectus. Praesent vel metus ac magna consequat cursus.

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Post Test Two

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce convallis aliquam turpis, ut tincidunt nibh egestas porttitor. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec elit leo, dignissim sed malesuada quis, varius sed erat. Duis blandit feugiat pharetra. Praesent ex tortor, euismod vitae laoreet fringilla, pretium mollis erat. Nullam hendrerit arcu ligula. Mauris arcu augue, congue a porta id, dictum condimentum lectus. Praesent vel metus ac magna consequat cursus.

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