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LAFAYETTE, LA-A portfolio containing 1,105 affordable housing units in Lafayette and Lake Charles, LA has ended up in the hands of a Tennessee buyer. The acquisition, valued at north of $57 million, was paid for with tax-exempt bond financing.

An assessment report detailing the sale of the seven-asset portfolio states that Global Ministry Foundation-Preservation of Affordability Corp. of Cordova, TN acquired the properties with help from A- and BBB-rated and unrated bonds. The exchange involved an actual transfer of the portfolio’s ownership as well. As part of the deal, the assets’ title ownership will remain under the name of seller AOH Louisiana Chateau LLC.

Apartment Realty Advisors’ Matt Heininger marketed the portfolio on behalf of the Pennsylvania-based seller. He tells GlobeSt.com that the complexes, which were built during main during the 1970s, had undergone significant renovation in 2005 following damage from Hurricane Rita. He adds that the portfolio is stabilized, with an average occupancy in the mid-90s.

He goes on to say that the portfolio was marketed in a very limited basis. “We never went to the strategy of one-offs,” he adds. “To some degree, the size of the portfolio was the strength of it.” He adds that the buyer, to maintain the properties’ tax abatements and tax exempt bond financing, needed to have 501(c)3 status, which Global Ministry Foundation had.

Global Ministry Foundation has a track record of investing in and providing affordable housing for low-to-moderate income residents. Heininger says the new owner won’t need to make too many changes to the assets, just minimal upgrades.

In Lafayette, the portfolio consists of

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