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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
- ◦Sale/Acquisition

