Tamarack RES, Inc. is proud to announce that it has just closed its exclusive listing of the Woodman Nordhoff Apartments, an 80 Unit Affordable Complex for $30,000,000 that the Buyer purchased through a tax credit preservation deal. Property was competitively bid after David Kaufman & Corey Spound toured qualified buyers through the asset, which generated 14 written offers.
After the Buyer was selected, the Sellers & Buyer elected to add an additional 24 units to the deal that was located nearby for an additional $10,000,000. The total purchase price came to $40,000,000 ($375,000 & $416,667 per unit). The cap rates equated to approximately 3.6% & 3.2%.
As a result of Tamarack’s relationships developed over the past 30 years, coupled with the technical know-how to value and execute on specialty real estate, Tamarack was able to accurately value and perform on our client’s asset and perform on an important asset for our happy client. Tamarack RES represented both Buyer and Seller in this transaction.
