Multi-Family Homes

HKP Multi-Family HomesHerman & Kittle Properties Inc. (HKP), has developed an expansive portfolio of over 15,000 apartment homes in 18 states. We have built a solid foundation in affordable housing (IRS Section 42-Rental Housing Tax Credit) while also expanding into market rate communities.

Our current development portfolio includes properties in Alabama, Florida, Georgia, Indiana, Illinois, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Oklahoma, Ohio, South Carolina, Tennessee, Texas, Virginia and Wisconsin. We have a reputation for building high-quality housing that stands the test of time, no matter what market we are in. As long-term owners of our properties, durability and sustainability are as important to us as to the communities we work in.

HKP is always looking for new development opportunities, both new construction and rehabilitation.

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

Primary Target Markets

We are actively seeking land, existing apartment communities or conversion opportunities suitable for development of multi-family housing in the Midwest, Gulf Coast and Southeast.

Asset Size

We typically seek development/conversion opportunities that allow for communities of 70 units or more. In considering potential sites, infill sites of at least 1.5 acres, and suburban sites of at least 5 acres, are preferred.

Deal StructureHKP Apartments

HKP looks to finance 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

  • 7.14 acres developed with 72 units in Westfield, Indiana
  • 2.818 acres developed with 75 units in Taylor, Texas
  • 9.28 acres developed with 271 units in Indianapolis, Indiana
  • Acquisition rehabilitation of three contiguous buildings into 75 units in Indianapolis, Indiana
  • 1.2 acres developed with 52 units and a purchased/rehabbed existing 19-unit building next door to create a 71 unit community in Indianapolis, Indiana
  • Acquisition rehabilitation of a 52 unit Section 8 community in Rensselear, Indiana
  • 12.161 acres developed with 216 units in Baton Rouge, Louisiana