Greystone Housing Impact Investors LP Announces Broker’s For Sale Listing of Vantage at Hutto

Rhea-AI Summary

Greystone Housing Impact Investors LP (NYSE: GHI) has announced that Vantage at Hutto, a 288-unit market rate multifamily property in Hutto, TX, has been publicly listed for sale by Institutional Property Advisors Texas. The Partnership's non-controlling investment in the Property, originated in November 2020, totals $11.8 million in equity contributions. Construction was completed in December 2023, and the Property reported 89% physical occupancy as of August 31, 2024.

If the listing process follows past Vantage property sales patterns and a sale contract is executed, the Partnership anticipates the sale to occur in Q1 2025. However, current market volatility may impact the timing and final sale price. The managing member controls the listing and sales process, and the Partnership will be entitled to certain net proceeds upon successful completion of the sale, as per the Operating Agreement.

Positive

• 89% physical occupancy reported as of August 31, 2024
• Potential sale expected in Q1 2025, if successful
• Partnership entitled to certain net proceeds upon successful sale completion

Negative

• Current market volatility may delay sale timing
• Potential negative impact on final sales price due to market conditions
• Non-controlling investment limits Partnership's control over sale process

OMAHA, Neb., Sept. 23, 2024 (GLOBE NEWSWIRE) -- 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

FAQ

What is the current occupancy rate of Vantage at Hutto property owned by Greystone Housing Impact Investors LP (NYSE: GHI)?

As of August 31, 2024, Vantage at Hutto reported 89% physical occupancy.

When was the construction of Vantage at Hutto completed for Greystone Housing Impact Investors LP (NYSE: GHI)?

Construction of the Vantage at Hutto property was completed in December 2023.

When does Greystone Housing Impact Investors LP (NYSE: GHI) expect the sale of Vantage at Hutto to occur?

If the listing process is consistent with past Vantage property sales and a sale contract is successfully executed, the Partnership expects the sale to occur in the first quarter of 2025.

How much equity has Greystone Housing Impact Investors LP (NYSE: GHI) contributed to the Vantage at Hutto property?

The Partnership has contributed equity totaling $11.8 million during construction and stabilization of the Vantage at Hutto property.