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.