DUNDALK, MD–A local private investor has sold a 150-unitapartment here to Matt Teichman, the principal ofBCI Management. Greysteelarranged the sale of the property, called PortsideApartments, a garden-style community that was placed inservice under the Section 42 Low Income Housing Tax Credit programin 2007.
The property was later rehabbed with a 9% credit award.
“With market rents well below maximum allowable LIHTC rentlevels, this provided a strong yield and preservation opportunityfor the buyer,” according to Alicia Orkisz, whoalong with Ari Firoozabadi, Ari Azarbarzin and Henry Mathiesnegotiated the sale on behalf of the seller.
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