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Indiana
| Subject Property: |
Phoenix Apartments |
| Description: |
328 units, Non-Insured, Partial Project-Based Section 8 Rental Assistance |
| Location: |
Indianapolis, IN |
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| MCR Participation: |
Acquisition and Preservation Consultant to Owner |
This aging project required substantial rehabilitation after over 25 years of operation and was purchased by the client for extended use as affordable housing. MCR identified the acquisition prospect for the buyer and served as their primary technical consultant from initial due diligence to a successful close of the transaction. MCR also represented the buyer directly at meetings with the Mayor, the City Planning Department, and the local HUD office, gaining approval for the special-purpose rent increase compiled to support additional debt service.
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