Greystone Trades SD Affordable Housing Community
- May 10, 2017
Greystone Real Estate Advisors’ affordable housing group recently announced the sale of Brentwood Apartments, a 98-unit community, in Sioux Falls, S.D. Greystone Managing Director Eric Taylor represented the seller in the transaction, Sioux Falls Leased Housing Associates II LP. Legacy Development & Consulting Co. LLC purchased the property for $3.3 million.
Located at 703 N Elmwood Ave., Brentwood Apartments is less than three miles from Interstate 29. The asset is a LIHTC property built in 1973 and renovated in 2002. Brentwood features a mix of one-, two- and three-bedroom units. Amenities include a swimming pool, basketball court and picnic area. The entire property serves as affordable housing to families earning at or below 60 percent 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 Taylor.
This year, New York-based Greystone Real Estate Advisors also completed a $33 million sale of two senior housing communities in the Carolinas, as well as a $12.5 million sale of Three Forks of Forney, a Class A assisted living and memory care community in Forney, Texas.
Image courtesy of Greystone Real Estate Advisors