NEW YORK, March 09, 2020 (GLOBE NEWSWIRE) — Greystone Real Estate Advisors announced it has closed the $15.5 million sale of Sonrise Villas I & II, an affordable housing community in Fellsmere, Florida. Greystone Managing Director Eric Taylor facilitated the sale on behalf of the buyer, Equity Management Partners, and the seller, Sonrise Villas LLC.
Located approximately 20 miles southeast of Vero Beach, Florida, Sonrise Villas I & II offers 240 two-, three- and four-bedroom units, which were originally constructed in two phases between 2004 and 2007 utilizing 9 percent Low-Income Housing Tax Credits (LIHTCs). Now in years 13-16 of the respective LIHTC maturity lifecycle, the property will remain income-restricted until 2057.
From start to finish, the all-cash transaction was completed within 14 days of the initial purchase and sale agreement execution. Equity Property Management intends to make capital improvements to the community and improve managerial efficiencies in order to maximize the value of the property.
“There’s a considerable amount of capital pursuing Section 42 LIHTC communities nationwide, as historically low cap rates, driven by a very favorable interest rate environment, push values for this asset class to new highs,” said Mr. Taylor. “This was one of the most seamless and concise transaction timeframes we have ever encountered, a true testament to the engagement of all parties involved.”
“Our experience with Greystone was superior – from finding us the right property at the outset and then moving to a quick close – we have never worked with a more professional or experienced team,” said Ben Mallah of Equity Management Partners. “We look forward to continuing our relationship with Greystone, and are excited to execute our vision for Sonrise Villas immediately.”
About Greystone Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greyco.com.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
