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Texas  + Apartments  | 

Greysteel Arranges Sale of Section 8 Apartments in El Paso

Greysteel recently arranged the sale of Cien Palmas Apartments, a Low Income Housing Tax Credit (LIHTC) and Section 8 HAP property located in El Paso. Doug Banerjee and John Marshall Doss of Greysteel’s Central Affordable Housing group exclusively represented the seller, a private local investor, and procured the buyer, a regional affordable housing investor.

For the past 15 years, the 150-unit property had its 95 LIHTC units operating under 236 Basic Market Rental Restriction, which restricted those units to flat rents for the entire 15-year duration of the use agreement. The new ownership benefits from the recent release of the 236 Basic Market Rental Restriction of those 95 LIHTC units.

“The buyer and seller worked together collegially to ensure quick approvals from both HUD and state agencies to guarantee a closing before the year-end,” said Doss.

For comments, questions or concerns, please contact Paul Bubny

Connect

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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