Throughout 2020, Gray Reed represented Stonebridge Global Partners, LLC, of Beverly Hills, California, in the acquisition of nine affordable housing properties located in the Midwest and along the East Coast totaling $100 million. Each of the properties are subject to Section 8 HAP contracts, Low-Income Housing Tax Credit (LIHTC) or Section 236 restrictions. The properties include:

• Charlotte Harbortown Homes, 553 Units – Rochester, New York
• Cokey Apartments, 75 Units – Rocky Mount, North Carolina
• Lindsay Common, 115 Units – Milwaukee, Wisconsin
• Purdum Woods Apartments, 180 Units – Danville, Virginia
• Richardson Court Apartments, 50 Units – Nashville, North Carolina
• Rolling Meadows, 130 Units – Rocky Mount, North Carolina
• Southside Acres, 116 Units – Rocky Mount, North Carolina
• Southwyck Hills Apartments, 116 Units – Danville, Virginia
• Windsor Court Apartments, 239 Units – Milwaukee, Wisconsin

Led by Gray Reed Partner and Real Estate Transactions Practice Group Leader Michael Gillman, Gray Reed negotiated the acquisition contracts and loans on behalf of Stonebridge Global Partners, LLC, a longtime client. Drawing on their deep understanding of, and experience in, multifamily transactions and affordable housing programs, the Gray Reed team skillfully navigated the various affordability restrictions, contracts and legal hurdles to ensure optimal terms and to meet acquisition deadlines.

"We have been incredibly selective in deploying capital over the last 18 months, while waiting for large portfolio opportunities that allow us to build a significant presence in highly desired markets," Stonebridge Global Partners, LLC CEO and Managing Partner Eli Mizrahie said. “Our trusted partnership with Gray Reed was paramount in winning these transactions and gave us the confidence and competitive advantage we needed to obtain these properties and perform seamlessly to close all these deals."

"We were excited to once again have the opportunity to partner with Stonebridge on this affordable housing acquisition portfolio,” Gillman said. “These transactions help preserve much-needed rental options for lower income residents throughout the east coast. Not only were these transactions beneficial to the communities, where this type of housing is consistently in high demand, but it also serves as a stable investment for our client."

About Gray Reed

A full-service Texas law firm with offices in Dallas, Houston and Waco, Gray Reed provides legal services to companies ranging from start-up to Fortune 500 as well as high net worth individuals. Gray Reed attorneys assist clients with a myriad of legal issues including commercial litigation, corporate transactions, oil and gas, tax planning and litigation, real estate, construction, healthcare, trusts and estates, employment law, family law, intellectual property and bankruptcy. For more information, visit www.grayreed.com.