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
The Price of a Pandemic
Long before the CARES Act was first being discussed in the halls of Congress, we were closely monitoring the potential economic impact caused by the onset of COVID-19 and the subsequent steps taken by local, state and federal officials in response to it. Our outlook...
Key Updates From TriLinc Global
Gloria Nelund, Founder and CEO of TriLinc Global, and Paul Sanford, Chief Investment Officer, recently hosted a webinar on COVID-19 and the financial markets. The webinar offered commentary on the coronavirus’s current and potential impacts on TriLinc’s portfolios and...
SBA / SBIC Observations From Concentric Investment Partners
The Small Business Administration (SBA) was created to provide support to entrepreneurs and small businesses. This support is provided in a variety of ways, one of them being loans provided by Small Business Investment Company (SBIC) funds. These SBIC funds provide...