ASI Multifamily Impact Fund, LP Acquires Crosswinds Apartments
The ASI Multi-Family Impact Fund, LP, which is focused on providing Affordable and Workforce housing primarily serving minority populations and lower income residents, recently acquired Crosswinds Apartments – affordable, 109-unit multifamily property situated in Chesapeake, a quiet suburban community located less than seven miles from downtown Norfolk, Virginia. Crosswinds is comprised of 8 two-story brick masonry garden-style residential buildings which includes a leasing office, with community amenities including laundry facilities, playground, outdoor covered mailbox area and picnic area/BBQ grills. Placed in service in 2004, the Property is subject to LIHTC Regulatory Agreements restricting 100% of the units to 60% of Area Median Income with 30 units or 28% of the tenant base receiving Section 8 vouchers. Click the button below to learn more about the Crosswinds property, or click here to learn more about the ASI Multi-Family Impact Fund, LP and feel free to contact CommonGood Capital for more information.
Footnotes
[1] National Low-Income Housing Coalition.
[2] Preserving Multifamily Workforce and Affordable Housing, Stockton Williams, Urban Land Institute.
[3] Please refer to the private placement memorandum for MFIF for a full description of the terms of the offering.
[4] While the Preferred Return is a term of the offering, there is no guarantee that there will be sufficient funds to pay the Preferred Return.
[5] Following the full return of invested capital and the Preferred Return to Investors, the GP will be entitled to 20% of any additional cash generated with respect to each investment, subject to a Catch-Up provision.
[6] (i) During the Investment Period, 1.50% per annum of Capital Commitment, and (ii) after the Investment Period 1.50% per annum of Net Invested Capital.
[7] Discount applies to first $5M of complete and irrevocable Capital Commitments received by the General Partner.
[8] Occupancy and collection data for the six properties in Alliant Strategic Preservation Fund II, Ltd.
[9] Housing Affordability And Children’s Cognitive Achievement, Newman and Holupka.
[10] Numbers stated include assets of funds owned by ASI’s affiliate, Alliant Capital, Ltd.
Related News
SMEs are the Lifeblood of our Economy
Big business dominates the financial headlines every day, as journalists, investors and politicians seemingly track every single movement of the stock and bond markets. Yet when it comes to the U.S. economy, big business is only part of the story. One rarely hears...
CGC Launches New Website
We are proud to announce the launch of our new website - redesigned from the ground up to expand our mission of spreading the joy found in impact Investing. The site puts a greater focus on educating investors on the benefits of considering the...
Fortis Green Closes First Round
Fortis Green Renewables Investment Management, an investment firm providing capital to small-scale renewable energy assets in Sub-Saharan Africa, recently held the initial close in its Green Fund I. The fund is raising capital from individuals, family offices, and...