Greystone Real Estate Advisors announced it has closed the $15.5 million sale of Sonrise Villas I & II, an affordable housing community in Fellsmere, Florida. Greystone Managing Director Eric Taylor facilitated the sale on behalf of the buyer, Equity Management Partners, and the seller, Sonrise Villas LLC.
Located approximately 20 miles southeast of Vero Beach, Florida, Sonrise Villas I & II offers 240 two-, three- and four-bedroom units, which were originally constructed in two phases between 2004 and 2007 utilizing 9 percent Low-Income Housing Tax Credits (LIHTCs). Now in years 13-16 of the respective LIHTC maturity lifecycle, the property will remain income-restricted until 2057.
From start to finish, the all-cash transaction was completed within 14 days of the initial purchase and sale agreement execution. Equity Property Management intends to make capital improvements to the community and improve managerial efficiencies in order to maximize the value of the property.
“There’s a considerable amount of capital pursuing Section 42 LIHTC communities nationwide, as historically low cap rates, driven by a very favorable interest rate environment, push values for this asset class to new highs,” said Mr. Taylor. “This was one of the most seamless and concise transaction timeframes we have ever encountered, a true testament to the engagement of all parties involved.”
“Our experience with Greystone was superior – from finding us the right property at the outset and then moving to a quick close – we have never worked with a more professional or experienced team,” said Ben Mallah of Equity Management Partners. “We look forward to continuing our relationship with Greystone, and are excited to execute our vision for Sonrise Villas immediately.”