GLEN ELLYN, IL - Affordable Housing Investment Brokerage Inc. (AHIB) recently advised on the sale of two affordable, multifamily sales in South Carolina. Hallmark at Greenwood in Greenwood and Hallmark at Truesdell in Lugoff comprise 152 units and sold for a combined $5.4 million. AHIB’s Senior Vice President Bill Brading and Managing Director Kyle Shoemaker represented the buyer, a private investor, and seller, a private developer, in the transaction.
“Both properties have historically high occupancy, and we are thrilled to have assisted with a favorable deal for both parties in these transactions,” said Brading. “With new management and light renovations, the buyer is well positioned to see continued strong rental growth for the foreseeable future.”
Hallmark at Greenwood, located at 337 Emerald Rd in Greenwood, South Carolina, is a Low Income Housing Tax Credit (LIHTC) apartment community that sold for $3.3 million. The community includes 88 two-bedroom units spread across 12 buildings. Amenities include a community room, computer center, pool and lounge area and playground.
Greenwood County has seen a 14% increase in AMI growth rate since 2019, which has allowed the property to have flexibility in targeting higher rents as the maximum allowable LIHTC rents increase. Between 2021-2022, rents increased 12.5% overall for all units.
Hallmark at Truesdell, located at 186 Roy Trusdell Rd in Lugoff, South Carolina, is a 64-unit Low Income Housing Tax Credit (LIHTC) apartment community that sold for $2.1 million. The community includes two- and three-bedroom floor plans and features a clubhouse and other amenities.
Kershaw County has welcomed a 45% increase in AMI growth rate in last year alone. In total, 51 of the property's 64 units saw a 33.8% increase in rent.
“Currently, target rents for both properties are well below comparable sales in their respective areas and have extremely high growth potential,” said Brading.
Both properties were placed in service in 2009 with the initial compliance period ending in 2024.
Affordable Housing Investment Brokerage assists buyers and sellers throughout the country with niche real estate investments, including Project-Based Section 8, Section 42, and HUD-financed properties. Throughout the year, the firm has brokered deals throughout 11 states.
About Affordable Housing Investment Brokerage: Affordable Housing Investment Brokerage, Inc.’s (AHIB) sole purpose is the direct, confidential sale of affordable housing. Driven by a passion for maximizing client wealth and serving an industry that provides a vital social need, AHIB’s principals have sold over $1 billion in niche real estate investments, including Project-Based Section 8, Section 42, and HUD-financed properties. AHIB maximizes value through marketing by agents who provide a single source for affordable housing and local real estate knowledge. Learn more about AHIB at www.affordablehousingbrokerage.com