WASHINGTON, DC–Takoma Place, a 105-unit affordable multifamily property located at 6676 Georgia Ave., NW and erstwhile component of Jair Lynch's Regenesis portfolio, has traded for $14 million with the buyer's eye on a tax acquisition rehabilitation strategy.
Takoma Place was originally part of Lynch's five-asset portfolio of properties developed under the section 42 tax credit program, however it sold to a different buyer due to TOPA.
The NHP Foundation, a non-profit organization that provides affordable housing, acquired the property in part because it was last placed in service in 2001 — in other words, it was outside of the initial compliance period, Alicia Orkisz, investment associate with Greysteel tells GlobeSt.com. Greysteel's Ari Firoozabadi and W. Kyle Tangney arranged the deal on behalf of the seller.
“It was now eligible for a new group to do a tax acquisition rehab,” she says.
Tangney called it “a great example of a tax credit re-syndication play.”
“The buyer will be renovating the property and maintaining affordability for another 30 years,” he said in a prepared statement.
WASHINGTON, DC–Takoma Place, a 105-unit affordable multifamily property located at 6676 Georgia Ave., NW and erstwhile component of Jair Lynch's Regenesis portfolio, has traded for $14 million with the buyer's eye on a tax acquisition rehabilitation strategy.
Takoma Place was originally part of Lynch's five-asset portfolio of properties developed under the section 42 tax credit program, however it sold to a different buyer due to TOPA.
The NHP Foundation, a non-profit organization that provides affordable housing, acquired the property in part because it was last placed in service in 2001 — in other words, it was outside of the initial compliance period, Alicia Orkisz, investment associate with Greysteel tells GlobeSt.com. Greysteel's Ari Firoozabadi and W. Kyle Tangney arranged the deal on behalf of the seller.
“It was now eligible for a new group to do a tax acquisition rehab,” she says.
Tangney called it “a great example of a tax credit re-syndication play.”
“The buyer will be renovating the property and maintaining affordability for another 30 years,” he said in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
