Midwest Property Group

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Midwest Property Group advises on Purchase of 60 Unit Project Based Community Midwest Property Group closed the sale of Bristow Manor Apartments, a 60 unit Project-Based Section 8 Family community located in Bristow Oklahoma for $2,424,000. Midwest Property Group’s Tripp Cunningham represented the Buyer, Bristow Housing Associates, LP in the transaction. Bristow Village Apartments is an existing 60-unit apartment complex located at in Bristow, Oklahoma. The complex consists o...f 12 residential buildings and one office/community building. There are 12-one-bedroom units, 32-two-bedroom units, and 16-three bedroom units. The complex currently has a 100% Project-Based Section 8 contract with HUD and it serves extremely low-income family populations. The Section 8 contract allows all of the residents to pay 30% of their adjusted gross income for rent and utilities, making it a very affordable housing option. Financing for the project consists of LIHTC, Tax-Exempt Bonds, and a HUD 221(d)4 loan. Construction is currently projected to be $2.4 Million with total development costs of $7.7 Million. Equity makes up over 30% of the sources with the HUD 221(d)4 making up the balance of the sources for the project. Originally built in 1974, the complex has been minimally maintained over the years, and the interior & exterior finishes and mechanical systems are all outdated and need to be replaced. Ownership intends to preserve this much needed affordable housing asset by completing a substantial rehabilitation of the entire complex. Midwest Property Group is thrilled to have not only been able to advise Bristow Housing Associates, LP on the purchase of this asset but to have been able to advise in the procurement of an equity partner as well as the procurement of a tax credit syndicator to provide syndication services. Midwest Property Group is always looking for additional development opportunities in the Affordable Housing segment. Contact Tripp at 405-473-9333 if you are looking to purchase or sell a Section 8 or LIHTC complex.