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| Evan P. Kristol |
CAPE CORAL, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Crossings at Cape Coral, a 168-unit affordable LIHTC community
located in the city of Cape Coral, Fla. The asset sold for $8,500,000.
“The surge in investor demand for
aging affordable housing communities is evident in the spike in activity and
rising sales prices. The majority of the investors are cash buyers who can
close quickly,” says Evan P. Kristol,
a senior vice president investments in Marcus & Millichap’s Fort Lauderdale
office.
“Crossings at Cape Coral
offered the opportunity to acquire a well-maintained, stabilized community with
strong occupancy. We generated immediate national interest and closed at
$600,000 above list price just three months after taking the property to
market.”
Kristol represented both
the seller, an institutional owner based in New York City, and the buyer, a
private investor based in Florida, in the sale.
Crossings at Cape Coral is
comprised of eight three-story buildings and a free-standing community
clubhouse on an 11-acre site. The majority of the units have two-, three- and
four-bedroom floor plans.
The property was
constructed and placed into the Low Income Housing Tax Credit (LIHTC) Program
in 2000. The initial Tax Credit Compliance Period (TCCP) expired in 2015, although
there are extended use restrictions in place until 2050, which require 100
percent of the units to be leased to residents who earn no more than 60 percent
of the Area Median Income.
Crossings at Cape Coral is
located at 1150 Hancock Creek South Boulevard just south of Pine Island Road
between Cleveland Avenue (SR 41) and Del Prado Boulevard.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Vice President / Regional
Manager
Fort Lauderdale, FL
(954) 245-3400
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