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Aspen Bolsters its Nationwide Section 8 Portfolio

KANSAS CITY, KS—The company is always looking for opportunities to pick-up proerties that can provide steady cash flow, and just found two more in Kansas City, KS.

Sunrise Tower at 15 N. 10th St. in Kansas City, KS should provide steady cash flow. Sunrise Tower at 15 N. 10th St. in Kansas City, KS should provide steady cash flow.

KANSAS CITY, KS—Treetop Development owns a lot of value-add, market-rate units in New York City, but through its affiliate The Aspen Cos., it also looks to balance that lucrative business with the security provided by the ownership of HUD units. Aspen has been an active buyer in the past year, and started off 2016 by announcing a pair of significant purchases. It acquired two elderly-designated multifamily project-based Section 8 properties located in Kansas City, KS’ Riverview neighborhood and Bonner Springs, KS, respectively.

The two high-rise buildings, Sunrise Tower at 15 N. 10thSt. and Nettleton Manor at 111 E. Kump Ave., include a combined total of 271 apartments subsidized under housing assistance payment contracts provided by HUD. The combined sale price was $10.275 million, and there were two separate sellers. Nettleton Manor was sold by a Washington-based group, GP Nettleton LLC, and Sunrise Tower was sold by GHC Housing Partners.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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