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Affordable Housing Pro Acquires 204-Unit Complex

EDINBURG, TX-Based on comparables, the 99%-leased Heritage Square likely pulls 95% of the $7.1-million asking price. A half dozen would-be buyers place a bid on a Rio Grande Valley property with an average monthly rent of $458 per unit.

By Jennifer Brenner Andrade | Updated on January 13, 2004

EDINBURG, TX-The 204-unit Heritage Square in the Rio Grande Valley has been sold to American Opportunity for Housing Inc., a non-profit organization based in San Antonio. The multifamily property was listed for $7.1 million.

The 99%-leased Heritage Square is located at 515 S. Sugar Rd. here on the edge of the town square and within walking distance of four of the city’s Top 10 employers. Class B properties with comparable demographics and occupancy generally can reap 95% of the asking price.

Will Bathrope, director of Cushman & Wakefield of Texas Inc.’s multi-housing group, tells GlobeSt.com that the new owner used bond financing for the purchase and will be earmarking some units for affordable housing. But, there won’t be any tenants forced out as a result of the conversion from “for-profit” to “non-profit” ownership, he says, adding the tenant mix has the right demographics for a seamless transition.

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