Cape Coral affordable housing sells above list price

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

TRD 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
2021-2035 Meridian Avenue, Rani Hussami and Colin Rockson

AquaBlue Group owner lists South Beach apartments for $14M

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project

Related, Block Capital sign deal with short-term rental operator

Daily Digest Miami

Canadian investment group pays $103M for Lauderdale Lakes apartments, Macy’s warns of weak holiday sales

3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

Canadian investment group pays $103M for Lauderdale Lakes apartments

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Garco buys Miami-Dade land for multifamily project

FCP’s Palm Beach County portfolio and Bruce Gago

FCP pays $86M for three Palm Beach County apartment communities

WATCH: Developers and co-living operators shed light on the growing industry

WATCH: Developers and co-living operators shed light on the growing industry

Rendering of the Miramar project, Tom Godart

Altman closes on development site of mixed-use Miramar project for $35M

arrow_forward_ios