Greystone Housing Impact Investors LP Announces Broker’s For Sale Listing of Vantage at Hutto
September 23 2024 - 3:15PM
Greystone Housing Impact Investors LP (NYSE: GHI) (the
“Partnership”) announced today that Vantage at Hutto, a 288-unit
market rate multifamily property located in Hutto, TX (the
“Property”), has been 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 November 2020 and the
Partnership has contributed equity totaling $11.8 million during
construction and stabilization. Construction of the Property was
completed in December 2023. The Property reported 89% physical
occupancy as of August 31, 2024. 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 2025. 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
“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.
About Greystone Housing Impact Investors
LP
Greystone Housing Impact Investors LP was formed
in 1998 under the Delaware Revised Uniform Limited Partnership Act
for the primary purpose of acquiring, holding, selling and
otherwise dealing with a portfolio of mortgage revenue bonds which
have been issued to provide construction and/or permanent financing
for affordable multifamily, seniors and student housing properties.
The Partnership is pursuing a business strategy of acquiring
additional mortgage revenue bonds and other investments on a
leveraged basis. The Partnership expects and believes the interest
earned on these mortgage revenue bonds is excludable from gross
income for federal income tax purposes. The Partnership seeks to
achieve its investment growth strategy by investing in additional
mortgage revenue bonds and other investments as permitted by its
Second Amended and Restated Limited Partnership Agreement, dated
December 5, 2022, taking advantage of attractive financing
structures available in the securities market, and entering into
interest rate risk management instruments. Greystone Housing Impact
Investors LP press releases are available at
www.ghiinvestors.com.
Safe Harbor Statement
Information contained in this press release
contains “forward-looking statements,” which are based on current
expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties include, but are
not limited to, risks involving current maturities of our financing
arrangements and our ability to renew or refinance such maturities,
fluctuations in short-term interest rates, collateral valuations,
mortgage revenue bond investment valuations and overall economic
and credit market conditions. For a further list and description of
such risks, see the reports and other filings made by the
Partnership with the Securities and Exchange Commission, including
but not limited to, its Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are
urged to consider these factors carefully in evaluating the
forward-looking statements. The Partnership disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
INVESTOR CONTACT: Andy
Grier Senior Vice President
402-952-1235
MEDIA CONTACT: Karen
Marotta Greystone
212-896-9149
Karen.Marotta@greyco.com
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