Alliance Property Group acquires Towne Square Apartments in Tulsa, Oklahoma - Section 8 Affordable Housing
Tulsa, Oklahoma - Alliance Property Group (APG) is pleased to announce the purchase of Towne Square Apartments on March 28th, 2023. The apartment complex, comprising of 145 units located in northeast Tulsa, had a purchase price of $5.0 million.
Towne Square Apartments is a current HAP Section 8 Contract property and is eligible for future tax credit rehabilitation. Stage 1 of the project includes an initial renovation budget of $900,000 for immediate repairs and brings 35 additional units (currently vacant) online for Section 8 housing. For Stage 2, APG plans to submit an application for 4% Tax Credits and Tax-Exempt Bonds to fund full-scale rehabilitation with an expected $8.0 million renovation budget (expected to close in January 2024).
We are thrilled about the partnership between Alliance Property Group and Archway Properties (the member partners of Towne Square Apartments, LP) to acquire this project. The opportunity to purchase Towne Square Apartments from the Tulsa Housing Authority excites us to improve housing for the local community. As a property with a HUD Section 8 Contract, HUD approved the ownership transfer on March 14, 2023. Rose Community Capital provided debt financing to facilitate closing on March 28, 2023.
"This purchase represents an excellent opportunity for our team to make a significant impact on the affordable housing market in Tulsa," said Danielle Curls Bennett, President of Alliance Property Group. "We are excited to begin the rehabilitation process and look forward to working with the Tulsa Housing Authority to provide quality affordable housing for the community."
For more information about the Towne Square Apartments purchase and rehabilitation project, please contact Alliance Property Group.
Contact:
Alliance Property Group
Phone: (424) 369-4568
