72-UNIT SOUTHERN ILLINOIS MULTIFAMILY COMPLEX SELLS FOR $2.1M

CHARLESTON, ILL. — Triad Real Estate Partners has arranged the $2.1 million sale of the Highland Place Apartments, a 72-unit Low Income Housing Tax Credit (LIHTC) multifamily property in Charleston, a city in southern Illinois. The buyer is Charleston-based affordable housing developer Yost Management LLC. The buyer applied for 9 percent acquisition/rehabilitation tax credits through the Illinois Housing Development Authority (IHDA) in 2012 but was denied. A follow up application in 2013 received the award and Yost plans to renovate the property. The transaction was closed with a bridge loan in anticipation of IHDA financing at a later date. An Indianapolis-based tax credit and rural housing developer constructed the property in 1998 under the LIHTC program.