The seller was Kent L. Johnson. He sold the property, built in 1968, for about twice its appraised value of $832,500, according to public documents viewed by GlobeSt.com. The transaction was handled by Grubb & Ellis broker Terrance Hunt.
The property consists of two-bedroom, one-bath townhomes with direct access single car garages, according to Grubb. & Ellis. The housing authority plans to convert the units into affordable condominiums.
Residents must earn less than 80% of the median income or be a first-time homebuyer to qualify to buy a unit, which will be priced below market values. Buyers can receive down payment assistance.
"This property is an ideal fit for the buyer, whose goal is to fill a large void of affordable for sale housing", says Hunt, who represented both parties in the transaction.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
