Affordable Housing Investment Brokerage Inc. (AHIB) recently advised a national affordable housing developer in the purchase of a 60-unit multifamily building totaling $2.5 million in Kansas City, Missouri.
Built in 1925, Mayfair Apartments, located at 1224 E. Linwood Blvd., is a 60-unit affordable housing community. Fifty-nine of the units are covered by a 20-year HAP contract that was entered in 2007. All of the units are one-bedroom apartments, an ideal setting for senior tenants. AHIB’s Managing Director Kyle Shoemaker and Senior Vice President Dan Piatkowski represented both the seller, a private investor, and buyer in this transaction.
“This is a great opportunity to acquire an asset with full HAP coverage in a growing metropolitan area,” said AHIB Managing Director Kyle Shoemaker. “Currently operating at a high-occupancy rate with a waitlist, Mayfair will be a great addition to our client’s portfolio.”
Located two miles southeast of downtown Kansas City, residents in the building have access to great area amenities, including Troost Park, restaurants and several grocery stores. The property also sits next door to the Kansas City Missouri Police Central Patrol Division.