THE ASSET
- Consisting of 676 residential units across 17 buildings, this project based section 8 portfolio is separated into 4 sub-packages, known as Morrisania I, Morrisania II, Morrisania III and Morrisania IV, all of which are each encumbered by individual HAP Agreements.
CHALLENGE
- Given the extensive regulatory obligations governing the property, the buyer pool was limited to active owners and operators familiar and capable of purchasing this specific product type.
- With a pool of very established buyers aggressively pursuing this deal, the marketing process—from due diligence gathering through contract negotiations—needed to be executed flawlessly.