CBRE Affordable Housing recently helped sell The Woodmark, a 288-unit affordable housing community in Tacoma, Wash. Fifty-eight units are designated for persons with disabilities, and 37% of the units are occupied by Section 8 voucher holders. The property, which was built in 1978 and renovated in 2006, drew interest from 12 unique bidders before selling for about $32.4 million. In addition to making renovations, the new owner is planning to bring in enhanced resident services, which shows that properties can benefit when new ownership comes in, says Tim Flint, executive vice president at CBRE. Courtest CBRE Affordable Housing
The competition to buy affordable housing developments will be fierce this year as demand continues to far outweigh the supply.
The sales market was robust in 2019 and, at a minimum, will be the same in 2020, says Tim Flint, executive vice president at CBRE Affordable Housing.
