Greystone Advises on Sale of 112-Unit Affordable Housing Property in Montana
March 17, 2017
Greystone Real Estate Advisors closed the sale of Rose Park Plaza Apartments, a 112-unit affordable housing community in Billings, MT. Greystone’s Aaron Hargrove, Eric Taylor and David Garcia represented both the buyer, Capital Realty, and the seller, Rose Park Plaza Partners, Ltd., RLLLP, in the transaction.
Rose Park, constructed in 1981, is a 100% Project-Based Section 8 and Low Income Housing Tax Credit community with 65% of units at 50% Average Median Income and 35% of the units reserved for residents at 60% AMI. The renovated community offers residents a number of amenities including covered parking and playgrounds, and is within a few blocks of Rose Park and its swimming pool, tennis courts and sports fields. Given its ideal location and condition, Rose Park Apartments has a less than 1% vacancy rate with a waiting list.
“Affordable housing properties provide an advantageous investment opportunity, but they require an incredible amount of knowledge in tax credits and experience with the unique qualities of income-restricted property,” said Aaron Hargrove, Managing Director, Greystone Real Estate Advisors. “With its deep advisory and lending capabilities, Greystone has an unmatched perspective in the acquisition and disposition of affordable housing, and can serve as a valuable resource to owners and investors.”