Greystone Real Estate Advisors’ Affordable Housing Group Closes Sale of Expiring LIHTC Property in Sioux Falls, SD
May 9, 2017
Greystone Real Estate Advisors’ Affordable Housing group announced it has closed on the sale of Brentwood Apartments, a 98-unit affordable housing community, for $3,250,000. Located in Sioux Falls, SD, the asset was sold by Sioux Falls Leased Housing Associates II, LP to Legacy Development & Consulting Company, LLC. Eric Taylor of Greystone Real Estate Advisors’ Affordable Housing group represented the seller in the transaction.
Brentwood Apartments is a Low Income Housing Tax Credit property originally built in 1973, which was substantially renovated in 2002. The entire property serves as affordable housing to families earning at or below 60% of the Area Median Income.
“For the savvy real estate investor, LIHTC properties nearing the end of their compliance period can provide a number of long-term investment advantages while having the ultimate benefit of providing housing for income-restricted residents,” said Mr. Taylor, Managing Director, Greystone Real Estate Advisors’ Affordable Housing group. “Legacy Development & Consulting is able to utilize a number of investment strategies, including resyndication, while also maintaining the useful life of Brentwood Apartments.”