America First Multifamily Investors, L.P. Announces the Sale of a Multifamily Property, $5.5M
On August 17, 2015, America First Multifamily Investors, L.P. (NASDAQ: ATAX) closed on the sale of Glynn Place, a Multifamily ("MF") Property located in Brunswick, GA for $5.5 million. "The sale of Glynn Place has allowed us to enhance the rate of return to our unitholders and demonstrates our ability to execute on our strategy of owning and actively managing MF Properties," said Chad Daffer, ATAX Fund Manager. "We will continue to analyze the highest and best use of our MF Properties and this sale is no exception."
Glynn Place is a 128 unit multifamily property and was originally acquired in 2008. The sale will result in a gain of approximately $1.2 million which is Tier 2 income. The Cash Available for Distribution related to this transaction will be approximately $0.015 per unit or approximately $900,000.
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