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Affordable Housing Investment Brokerage Sells 120-Unit Independent Senior Living Community for $8 8 Million in Chicago Submarket
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120-unit LIHTC housing complex sells for $8 8M outside Chicago
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MACCLENNY, FL - Affordable Housing Investment Brokerage Inc. (AHIB) has recently sold Baker Manor Apartments in Macclenny, Florida for just over $2.5 million, with a reserve account released to the seller as additional consideration. Managing Director Kyle Shoemaker represented both the purchaser, The Grey Rock Group, and the seller to complete the transaction.
“Baker Manor is fully-covered by a project-based Section 8 contract that has allowed ownership to invest heavily in the property and make all necessary repairs and renovations as needed,” said Shoemaker.
Centrally located along South 6th Street, the 1974 construction, 50-unit, garden-style apartments consisting of 12 one-bedroom, 26 two-bedroom, and 12 three-bedroom units. Rents in the building range from $655 to $924 per month. Amenities include a playground, pool that underwent renovations in 2018, a laundry facility, community room, and on-site management office.