The situation
Our client wanted to sell Boulevard Apartments, a 235-unit property in Milwaukee, Wisconsin. The property was 100 percent LIHTC- restricted, with 15 percent of the units qualifying for Section 8 with Rental Assistance. At the time of listing, the property had an 88 percent occupancy rate. Selling a property with LIHTC restrictions and rental assistance involves unique challenges, especially when looking for the right buyer who values the asset and understands the neighborhood’s market.
THE SOLUTION
Walker & Dunlop identified a strong local buyer with a keen interest in affordable housing. Through a direct and targeted approach, we connected with buyers who understood the value of Boulevard Apartments and the potential for neighborhood impact. We achieved a record-fast transaction by executing a Purchase and Sale Agreement and closing within 43 days. This swift turnaround showcased our team’s expertise and deep understanding of the LIHTC space and the local Milwaukee market.
The Result
The sale of Boulevard Apartments exceeded the seller’s initial pricing expectations and fulfilled the need for long-term affordable housing. This property is a testament to Walker & Dunlop’s commitment to affordable housing, boasting a 100 percent Low Income Housing Tax Credit allocation. This is further supported by a 15 percent Section 811 Project Rental Assistance.
Boulevard’s initial 15-year LIHTC compliance period ended in 2022. It’s now positioned within a qualified census tract, which allows it to fulfill critical housing needs and align with local community development goals.
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