Greystone Housing Impact announces for sale listing of Vantage at Tomball

Greystone Housing Impact announced that Vantage at Tomball, a 288-unit market rate multifamily property located in Tomball, Texas, was publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The partnership’s non-controlling investment in the property was originated in August 2020 and the partnership contributed equity totaling $10.4M during its construction. Construction of the property was completed in April 2022. As disclosed in the partnership’s previous filings and earnings announcements, the property reached 90% physical occupancy in the second quarter of 2023 and has maintained physical occupancy near 90% since that date. If the listing process is consistent with past Vantage property sales and a sale contract is successfully executed, then the partnership expects the sale of the property to occur in the first quarter of 2024. Current market volatility and potential future market developments may delay the expected timing of the sale and may negatively impact the final sales price for the property. Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property owning entity’s operating agreement. The partnership will be entitled to certain net proceeds upon the successful completion of a sale of the property in accordance with the operating agreement.