CLOSING SPOTLIGHT
SLOHI FLATS
LOCATION: Lakewood, CO
AFFORDABLE TYPE: LIHTC / GP INTEREST
UNITS: 72
Performance Real Estate Advisors recently facilitated the transaction of a 45-unit LIHTC community known as SloHi Flats Apartments, located in Denver, CO. The sale consisted of the General Partnership Interest in the community, making the transaction more complex. A group of individual developers made up the General Partnership and were looking to exit the affordable housing space. Danny Walker, lead broker on the deal, worked with a hand-selected Buyer pool sophisticated enough to understand the components of the sale. Oceanside Capital, a local Owner looking to expand their LIHTC portfolio and well versed in Partnership Interest transactions, was the chosen Buyer.
SloHi Flats consists of spacious and intuitive one- and two-bedroom floorplans. The community is located in a highly desirable neighborhood of Denver that provides panoramic views of the Rocky Mountains and of Sloan Lake Park. The asset is a great addition to the Purchaser’s portfolio based on size and location. PREA facilitated the transaction from start to finish helping both parties reach the finish line.
BENJAMIN SQUARE
LOCATION: Eaton, CO
AFFORDABLE TYPE: Project-Based Section 8
UNITS: 60
Performance Real Estate Advisors recently facilitated the transaction of a 60-unit senior HAP community known as Benjamin Square, located in Eaton, CO. The community is located in a highly desirable and safe neighborhood just North of Greeley.
The Town of Eaton (and Housing Authority) was the Seller and will be remaining in place as a silent partner, providing additional non-profit related benefit. PREA procured multiple offers throughout the marketing process. The Seller selected to work with Brikwell based on their local presence, mission, and intentions of continuing to improve the quality of living for residents.
Benjamin Square is elderly designated and provides private entrances and spacious floorplans. Though the asset is in great condition, Brikwell plans to enhance livability for residents through renovation and revitalization of community amenities and services. PREA facilitated the transaction from start to finish helping both parties reach the finish line.
FOOTHILLS GREEN
LOCATION: Lakewood, CO
AFFORDABLE TYPE: LIHTC
UNITS: 72
PREA facilitated the closing of Foothills Green, a family LIHTC community located in a desirable neighborhood in a southwest suburb of Denver, CO. The community consists of two- and three-bedroom units that have historically been fully occupied with a waiting list.
The Seller was an experienced, non-profit group based out of Colorado that built the community in 1997 using tax credits. They have divested Foothills Green in pursuit of capital to help expand their affordable housing projects in other areas. PREA procured the most attractive offer for The Seller and was under contract within 60 days of marketing. In-place rents at the property are below Max LIHTC rents providing immediate rental revenue growth potential. Additionally, the property provides a path to significant upside in residual value when the rental restrictions expire in the future. The Purchaser is a for-profit owner that has partnered with a Management Company to expand both of their footprints in Colorado through acquisition of existing LIHTC and market rate assets. The Purchaser saw immediate and long-term value in Foothills Green given the quality of real estate and superb location.
The Seller, Purchaser, and PREA worked collectively with the Housing Authority in order to retain them as a Special Limited Partner on the property.
