Investment firm sees significant gains from the transaction
Greystone Housing Impact Investors, formerly America First Multifamily Investors, has announced closing the sale of two multifamily properties located in Omaha, Nebr.
The company has sold two 294-unit market rate properties – Vantage at Stone Creek and Vantage at Coventry. The move is part of Greystone’s business strategy of acquiring mortgage revenue bonds and using the interest earned on these bonds to provide financing for the construction of affordable multifamily, seniors and student housing properties.
Greystone’s contributed equity in Vantage at Stone Creek totaled $7.1 million during construction and $8.1 million in equity for Vantage at Coventry before the settlement of final proceeds and expenses. As a result of the sales, Greystone redeemed $244,000 in investment income from each property. The firm received net cash of approximately $27.7 million, including the return of its contributed equity.
“The successful sales of Vantage at Stone Creek and Vantage at Coventry demonstrates our development partner’s continuing ability to deliver significant gains in diverse markets,” said Greystone CEO Kenneth Rogozinski. “We continue to evaluate opportunities in this asset class for both the reinvestment of our previously deployed capital and an expansion of the strategy.”
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