City Side Apartments

Project Description

Premier acquired the 142-unit subsidized housing community with the desire to convert the property to market-rate apartments. In converting a property from a project-based subsidy to a voucher-based subsidy, residents would be free to take their vouchers to any other property accepting vouchers. Within three months, our management team arranged for each resident to meet with MSHDA to obtain voucher subsidies.

In response to the stigma attached with a subsidized housing project, a carefully orchestrated marketing and communication plan to drive occupancy was implemented. We successfully converted the property to a market-rate community with minimal effect on occupancy and a significant positive effect on cash flow.

The value of the property was increased by over 50% from the acquisition price in one year with minimal capital improvements.

SELLER: Amurcon Corporation
SIZE: 142 Units
TYPE: Multifamily