Acquisitions

Multi-Family

Pine Glen ApartmentsHKP is also interested in acquiring general partnership interests in properties or portfolios with IRS Section 42- Rental Housing Tax Credits (RHTC) or Project Based Section 8. We are open to looking at both performing and non-performing assets. We have a proven track record in repositioning RHTC properties by:

  • Conducting an in-depth market study to identify trends and areas for improvement
  • Working with our property management team to improve operations
  • Working with lenders to restructure debt
  • Resolving compliance related issues
  • Optimize performance for the remainder of the investment period

Our financial expertise in dealing with governmental agencies and complex deal structures can provide dividends to almost any property owner interested in finding a solution.

As we seek new development and acquisition opportunities, we will focus on the following criteria outlined below.


Primary Target MarketsSelf-Storage Properties

We are typically seeking opportunities in the Midwest, Gulf Coast and Southeast regions, but we will consider options outside of this area for acquisition of general partnership interest.

Asset Size

For acquisitions of existing apartment communities, properties of 100 units or greater are desired but smaller communities will be considered on a select basis. We are looking for properties that need significant capital improvements/updates ($15,000 per unit or greater) with an additional preference for communities with an existing HUD or Rural Development financing or rental assistance in place. Properties owned by the current ownership for at least 10 years or those recently foreclosed upon are an ideal fit.

Deal Structure

HKP looks to finance the acquisition of a property through the use of Rental Housing Tax Credits, a conventional mortgage, and some form of soft money (e.g., grant, below market interest rate loan, etc.).

Recent Examples

  • 176 unit Rental Housing Tax Credit property acquired in Indianapolis, Indiana
  • 240 unit Rental Housing Tax Credit property acquired in Trotwood, Ohio


Self-Storage

HKP is always looking for new self-storage acquisition opportunities. More information on our acquisitions process can be found here.