Affordable Housing Investment Brokerage Inc. recently advised on the sale of two affordable, multifamily sales in South Carolina, including one in the Upstate.
Hallmark at Greenwood in Greenwood and Hallmark at Truesdell in Lugoff comprise 152 units and sold for a combined $5.4 million, according to a news release. Affordable Housing Investment Brokerage’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,” Brading said in the news release. “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, is a Low-Income Housing Tax Credit 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 area median income growth rate since 2019, which has allowed the property to have flexibility in targeting higher rents as the maximum allowable LIHTC rents increase, the release said. Between 2021-2022, rents increased 12.5% overall for all units.
Hallmark at Truesdell, located at 186 Roy Trusdell Road in Lugoff, is a 64-unit Low Income Housing Tax Credit 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 experienced a 45% increase in AMI growth rate in last year. In total, 51 of the property's 64 units saw a 33.8% increase in rent, the release said.
“Currently, target rents for both properties are well below comparable sales in their respective areas and have extremely high growth potential,” Brading said in the release.
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.