Value Add and Long-Term Hold
In November 2011, CGI purchased Tierra Vista, a 152-unit Low Income Housing Tax Credit (“LIHTC”) apartment community located in Kissimmee (Orlando), Florida. The property was built in 1998 under a low-income housing tax code provision requiring that all of the units be rented to tenants earning less than 60% of the area’s median income for 30 years. At time of acquisition, the Tierra Vista Apartments were at 90% occupancy with average in-place rents of $759 per month. Since then, has significantly increased occupancy rates as well as average in-place rents, surpassing original projections through effective management and minor capital expenditure items.
|Property Address||8700 Tierra Vista Circle, Kissimmee, FL|
|Asset Type||Apartment Acquisition (Long Term Hold)|
|Investment Type||Equity and Debt|