09-28-2005, 08:46 AM
| | Acquisition of Mature Low Income Housing Tax Credit Apartments
A number of investment groups are buying up portfolios of mature Low Income
Housing Tax Credit apartment properties nationwide.
The business motivations are either to do a refinancing and continue the
usage as affordable housing, perhaps also structuring a management role; or to
convert to a market use; or to arrange in the future a sale of the property to
tenants or other third-party buyers, institutions, or bigger nonprofit housing
The underwriting profile is often like the following :
* Properties at minimum of 15 years into operations.
* Each constituent apartment tax credit property is at more than 100 units.
* Single assets or portfolios.
* Sizes of assets at minimum of $5 million to larger portfolios of $150
* Multifamily or Elderly, probably with a slight preference to pursuing
* Stable neighborhoods, with prospects for growth.
We are not the principals, but are structuring new ventures.
If you have an access to these properties or portfolios, please call Mr.
Margolin of Chilmark Associates Inc. at 203-353-0897.
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