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Figures reflect underwriting at the time of the transaction and are presented to illustrate process, not as a projection of future results.
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All 220 existing units upgraded with modern finishes and appliances, HVAC and water heater replacement, new roofs, ADA modifications, and exterior improvements.
Four new three-story buildings added 52 affordable homes, made possible by a city-approved reduction in required parking from 2.0 to 1.7 stalls per unit.
603 people called the property home at acquisition, 61% of households with children. Relocation support for households affected by new income limits was budgeted into the deal from day one.
In exchange for the property tax exemption, additional units were restricted at 30% and 50% of area median income.
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Most developers can only enter tax credit transactions at the start, because they lack the capital or balance sheet to buy, hold, and then execute the credit component. SP can approach these opportunities from multiple angles: as a yield investment, a tax credit execution, or both in sequence. That flexibility comes from institutional partnerships, a strong balance sheet, and deep experience navigating the LIHTC program across multiple states.
That orchestration is the SP difference.
If this approach to structuring and stewardship reflects how you think about private real estate, we would welcome the conversation.
