The Real Deal Miami

Cape Coral affordable housing sells above list price

A Fort Lauderdale executive of Marcus & Millichap represented the buyer and the seller

June 04, 2016 03:15PM

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Crossings at Cape Coral

Crossings at Cape Coral

A Fort Lauderdale-based executive of brokerage Marcus & Millichap handled the sale of an affordable-housing development near Cape Coral for $8.5 million, well above the list price.

The sale price of the 168-unit Crossings at Cape Coral, financed by the Low Income Housing Tax Credit, was $600,000 above the list price.

Evan P. Kristol, senior vice president, investments, in the Fort Lauderdale office of Marcus & Millichap represented both the seller, a New York City-based institutional investor, and the buyer, a Florida-based private investor.

Crossings at Cape Coral, located at 1150 Hancock Creek South Boulevard, was sold after three months after it was listed for sale.

The property is comprised of eight low-rise residential buildings and a community clubhouse on an 11-acre site.

Crossings at Cape Coral was built and placed into the Low Income Housing Tax Credit (LIHTC) Program in 2000. The initial tax credit compliance period expired in 2015. But extended use restrictions will remain in place until 2050, requiring the owner to offer 100 percent of the units to residents who earn no more than 60 percent of the area’s median income.