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Greystone Housing Impact announces sales of Vantage at Stone Creek, Coventry
The Fly

Greystone Housing Impact announces sales of Vantage at Stone Creek, Coventry

Greystone Housing Impact Investors announced that on January 5, 2023, Vantage at Stone Creek and Vantage at Coventry, each being a 294-unit market rate multifamily property located in Omaha, NE, were sold at the direction of the respective managing members. The Partnership’s investment in Vantage at Stone Creek was originated in March 2018 and the Partnership contributed equity totaling $7.1 million during construction. The Partnership’s investment in Vantage at Coventry was originated in September 2018 and the Partnership contributed equity totaling $8.1 million during construction. As a result of the sales, the Partnership’s equity investment in each property was redeemed. At closing of the sales, the Partnership received net cash of approximately $27.7 million, inclusive of the return of its contributed equity. The Partnership estimates it will recognize the following in the first quarter of 2023: Gains on sale totaling approximately $15.2 million, before settlement of final proceeds and expenses, Investment income totaling approximately $244,000, Net income of approximately $0.51 per Beneficial Unit Certificate, basic and diluted, based on the number of BUCs outstanding on the date of sale, and Cash Available for Distribution of approximately $0.51 per BUC, basic and diluted, based on the number of BUCs outstanding on the date of sale.

Published first on TheFly

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