Cape Coral affordable housing sells above list price

Miami /
Jun.June 04, 2016 03:15 PM

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.


Related Articles

arrow_forward_ios
Bell Partner's Jon Bell and Greystar's Bob Faith with the Satori Apartments. (Greystar, Bell Partners)
Bell Partners buys Fort Lauderdale apartments for $100M
Bell Partners buys Fort Lauderdale apartments for $100M
Harlan Goldberg, Ricardo Esteves and Jacky Sasson
Movers & Shakers: Bespoke promotes managing director & more
Movers & Shakers: Bespoke promotes managing director & more
Green Tree Apartments with (from left) R.O.I. Capital founders Noam Avrahami, Shay Atiya, Shay Milch and Northland Investment founder Lawrence Gottesdiener
R.O.I. Capital buys Oakland Park multifamily complex for $59M
R.O.I. Capital buys Oakland Park multifamily complex for $59M
Dr. Jose Luis Ferreira de Melo, Carlos Ferreira de Melo and Martin Ferreira de Melo of the Melo Group. (Melo Group, Miami Plaza)
Melo Group scores $99M refi for apartment tower north of downtown Miami
Melo Group scores $99M refi for apartment tower north of downtown Miami
Ubiica's Alejandro Salazar (left) and Rodrigo Gana with an aerial of the project site (Eddy Davis)
Ubiica, Maven plan multifamily project in Coral Gables
Ubiica, Maven plan multifamily project in Coral Gables
Coconut Creek Apartment Homes at 3621 Hillsboro Boulevard in Coconut Creek with Nuveen CEO Jose Minaya and Bar Invest CEO Jacques Barbera (Google Maps, Nuveen. Bar Invest)
Nuveen buys Coconut Creek multifamily complex for $47M
Nuveen buys Coconut Creek multifamily complex for $47M
Prestige Companies CEO Marty Caparros Jr. and COO Alexander Ruiz with (from top) 1201 Palm Avenue, 40 West 23 Street and 2290 Palm Avenue (Google Maps)
Prestige scores $21M construction loan for three Hialeah workforce housing complexes
Prestige scores $21M construction loan for three Hialeah workforce housing complexes
Celal Ozkan and a rendering of Skygarden tower (Linkedin, Permuy Architecture)
North Miami Beach approves mixed-use, multifamily Skygarden tower
North Miami Beach approves mixed-use, multifamily Skygarden tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...