National Tax Credit Property Advisors of Marcus & Millichap

NTCPA Sells 236-Unit Apartment Community In Santa Maria, Calif., For $26.6 Million

Robert Sheppard — Mon, 29 Oct 2007 23:14:17 +0000

The National Tax Credit Property Advisors of Marcus & Millichap have arranged the sale of Vizcaya Apartments, a 236-unit multi-family community in Santa Maria. The sales price of $26.6 million represents $112,712 per unit.

John Walsh, vice president of investments in the Encino office of Marcus & Millichap; Robert Sheppard, vice president of investments with NTCPA; and Armand Tiberio and Spencer Hurst, both senior associates with NTCPA, represented the seller. The NTCPA team procured the buyer as well.

“Since Vizcaya Apartments is out of the initial tax-credit compliance period and has been owned by the same ownership entity for 10 years, this Santa Barbara County property presented the buyer with a great opportunity to apply for 4 percent tax credits and tax-exempt financing,” explains Sheppard.

Located at 1720 South Depot St., the 220,864-square foot apartment community consists of 26 two-story buildings situated on a 13-acre lot in Santa Barbara County, home to the Vandenburg Air Force Base and University of California, Santa Barbara.

Is your tax credit property struggling?

Spencer Hurst — Mon, 01 Oct 2007 11:03:39 +0000

Is your tax credit property struggling with unserviceable bond financing, deferred maintenance or occupancy issues?

The National Tax Credit Property Advisors (NTCPA) of Marcus & MIllichap have discovered solutions for troubled assets in every region of the U.S. We have helped a number of our clients protect their interests, prevent foreclosure, and avoid recapture of their tax credits by successfully selling their non-performing assets and still maintaining affordability after the sale.

We have successful sold properties that were either in jeopardy of having or already had their loans defaulted on. Details include:

An aggressive Buyer who was able to recapitalize by putting equity into the deal and guaranteeing credit delivery and operating deficits
A Seller avoided recapture of tax credits; Buyer provided guarantee of surety bond
One asset alone yielded significantly higher price (over $2 million higher) for Seller

To learn more about exit options as your workout strategy for troubled tax credit assets, give us a call at (206) 826-5700.

A Significant LIHTC Milestone

Robert Sheppard — Mon, 01 Oct 2007 11:00:48 +0000

The National Tax Credit Property Advisors (NTCPA) of Marcus & Millichap are commemorating a significant milestone in 2007; the first brokerage to reach $1 Billion in transaction volume for low income housing tax credit properties.

NTCPA shaped the affordable housing brokerage market in 2001 by creating opportunity and maximizing value for investors nationwide.

“We appreciate the unique opportunity we have to work with leading investors nationwide who have assisted us in developing the emerging tax credit property market.” says Robert Sheppard, Senior Director of NTCPA. As a testament to the affordable housing market, NTCPA has reviewed, analyzed, listed and/or closed over 160,000 units of tax credit property in 46 states as of July 2007.