Partnership Brokers $11M Sale of 2 Chicago Affordable Properties
- Nov 17, 2017
Kiser Group and Affordable Housing Investment Brokerage Inc. (AHIB) facilitated the $11.2 million sale of 167 affordable units in the Bucktown and Logan Square neighborhoods of Chicago. Habitat Co. purchased the two Section 42 LIHTC communities, Lyndale Place and Renaissance West, from Renaissance Cos. Kiser Group Director Michael D’Agostino and AHIB Managing Director Kyle Shoemaker were part of the team that brokered the deal.
Located at 2575 W. Lyndale St., Lyndale Place is a 67-unit community with easy access to Interstate 90. The vintage courtyard building in Logan Square includes three one-, 57 two- and seven three-bedroom units. According to Yardi Matrix data, the 1924-built property features a clubhouse, laundry facilities and 40 parking spaces.
Renaissance West is located at 2517 W. Fullerton Ave., and is within a five-minute walk from Lyndale Place. Built in 1993, the building includes 100 studios, a fitness center, laundry facilities and 13 parking spaces.
“This deal took nearly two years to complete and it’s great to see that these buildings will remain affordable. What makes a deal like this complicated is obtaining approval from multiple government bodies for soft-debt assumptions,” said D’Agostino, in a prepared statement. “In addition to LIHTC compliance, this deal was regulated by debt from both IHDA and the City of Chicago,” Shoemaker added.
Earlier this year, Habitat Co. also acquired East Park SRO, a 153-unit, affordable housing community in Chicago’s East Garfield Park neighborhood, for $16 million.
Images courtesy of Yardi Matrix