NEW YORK, March 16, 2017 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment, and advisory company, announced its Real Estate Advisors group closed the sale of Rose Park Plaza Apartments, a 112-unit affordable housing community in Billings, MT. Greystone’s Aaron Hargrove, Eric Taylor and David Garcia represented both the buyer, Capital Realty, and the seller, Rose Park Plaza Partners, Ltd., RLLLP, in the transaction.
Rose Park, constructed in 1981, is a 100% Project-Based Section 8 and Low Income Housing Tax Credit community with 65% of units at 50% Average Median Income and 35% of the units reserved for residents at 60% AMI. The renovated community offers residents a number of amenities including covered parking and playgrounds, and is within a few blocks of Rose Park and its swimming pool, tennis courts and sports fields. Given its ideal location and condition, Rose Park Apartments has a less than 1% vacancy rate with a waiting list.
“Affordable housing properties provide an advantageous investment opportunity, but they require an incredible amount of knowledge in tax credits and experience with the unique qualities of income-restricted property,” said Aaron Hargrove, Managing Director, Greystone Real Estate Advisors. “With its deep advisory and lending capabilities, Greystone has an unmatched perspective in the acquisition and disposition of affordable housing, and can serve as a valuable resource to owners and investors.”
About Greystone Real Estate Advisors, Inc.
Greystone is a real estate lending, investment and advisory company headquartered in New York. Its Real Estate Advisors team provides services in sales, acquisitions, and a full spectrum of advisory services including debt, equity, acquisition, and investment sales to multifamily, affordable housing and seniors housing owners and investors. For more information, visit www.greyco.com.
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 and Fannie Mae 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 Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.