NYC Buyer's $17M Nabs 559-Unit Portfolio

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[IMGCAP(1)]BATON ROUGE, LA-A nonprofit agency has sold a two-asset portfolio, totaling 559 units, to NHP LLC of New York City for $16.5 million. The 313-unit Copper Ridge Apartments and 246-unit Magnolia Trace Apartments provide low-income housing, both of which are tied to tax free mortgage revenue bonds.

Gregg Cordaro, president of Cordaro Cos. in Baton Rouge, says Sheltering Palms-Baton Rouge LLC, also from Washington, DC, held the 98%-occupied portfolio for close to seven years. The disposition was characteristic of the agency’s planned holding period, which is five to 10 years, Cordaro says.