Legacy Development & Consulting Co. has purchased a 98-unit expiring low-income housing tax credit (LIHTC) property in Sioux Falls, S.D.
The firm acquired Brentwood Apartments for $3.25 million from Sioux Falls Leased Housing Associates, according to Greystone Real Estate Advisors’ Affordable Housing Group, which represented the seller.
Brentwood Apartments was built in 1973 and substantially renovated in 2002.
“For the savvy real estate investor, LIHTC properties nearing the end of their compliance period can provide a number of long-term investment advantages while having the ultimate benefit of providing housing for income-restricted residents,” said Eric Taylor, managing director at Greystone. “Legacy Development & Consulting is able to utilize a number of investment strategies, including resyndication, while also maintaining the useful life of Brentwood Apartments.”
Legacy is based in Sioux Falls.