ASI Multifamily Impact Fund, LP Acquires Crosswinds Apartments
The ASI Multi-Family Impact Fund, LP, which is focused on providing Affordable and Workforce housing primarily serving minority populations and lower income residents, recently acquired Crosswinds Apartments – affordable, 109-unit multifamily property situated in Chesapeake, a quiet suburban community located less than seven miles from downtown Norfolk, Virginia. Crosswinds is comprised of 8 two-story brick masonry garden-style residential buildings which includes a leasing office, with community amenities including laundry facilities, playground, outdoor covered mailbox area and picnic area/BBQ grills. Placed in service in 2004, the Property is subject to LIHTC Regulatory Agreements restricting 100% of the units to 60% of Area Median Income with 30 units or 28% of the tenant base receiving Section 8 vouchers. Click the button below to learn more about the Crosswinds property, or click here to learn more about the ASI Multi-Family Impact Fund, LP and feel free to contact CommonGood Capital for more information.
Footnotes
[1] National Low-Income Housing Coalition.
[2] Preserving Multifamily Workforce and Affordable Housing, Stockton Williams, Urban Land Institute.
[3] Please refer to the private placement memorandum for MFIF for a full description of the terms of the offering.
[4] While the Preferred Return is a term of the offering, there is no guarantee that there will be sufficient funds to pay the Preferred Return.
[5] Following the full return of invested capital and the Preferred Return to Investors, the GP will be entitled to 20% of any additional cash generated with respect to each investment, subject to a Catch-Up provision.
[6] (i) During the Investment Period, 1.50% per annum of Capital Commitment, and (ii) after the Investment Period 1.50% per annum of Net Invested Capital.
[7] Discount applies to first $5M of complete and irrevocable Capital Commitments received by the General Partner.
[8] Occupancy and collection data for the six properties in Alliant Strategic Preservation Fund II, Ltd.
[9] Housing Affordability And Children’s Cognitive Achievement, Newman and Holupka.
[10] Numbers stated include assets of funds owned by ASI’s affiliate, Alliant Capital, Ltd.
Related News
Impact Investing: Start by Listening
Impact investing is a great way to create deeper, more meaningful intergenerational relationships with your clients. Here are 10 questions to help get the conversation started. Are you interested in becoming more connected with your investments?Is it helpful to know...
Start With Your Why
Open up your inbox and you'll see countless emails mentioning "the unprecedented time we are in." Nobody needs to be reminded of this, so I'll spare you the rehashing of the events that have unfolded in 2020. The grand finale crisis of 2020 seems to have culminated in...
Our newest Impact Platform Partner
CommonGood Capital is excited to welcome Verdant Capital to our Impact Investing Platform. With offices in Johannesburg, Ebene, Accra, Kinshasa and Lagos, Verdant Capital is a well-known provider of debt and equity capital to Inclusive Financial Institutions ("IFIs")...