Greystone Real Estate Advisors’ Affordable Housing group closed on the sale of Brentwood Apartments, a 98-unit affordable housing community, for $3,250,000. Located in Sioux Falls, SD, the asset was sold by Sioux Falls Leased Housing Associates II, LP to Legacy Development & Consulting Company, LLC. Eric Taylor of Greystone Real Estate Advisors’ Affordable Housing group represented the seller in the transaction.
Brentwood Apartments is a Low Income Housing Tax Credit property originally built in 1973, which was substantially renovated in 2002. The entire property serves as affordable housing to families earning at or below 60% 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 Mr. Taylor, Managing Director, Greystone Real Estate Advisors’ Affordable Housing group. “Legacy Development & Consulting is able to utilize a number of investment strategies, including resyndication, while also maintaining the useful life of Brentwood Apartments.”