Greystone Housing Impact: Vantage at Tomball sale closed for $14.2M cash

Greystone Housing Impact (GHI) Investors announced that on January 31 Vantage at Tomball, a 288-unit market rate multifamily property located in Tomball, TX, was sold at the direction of its managing member.The Partnership’s investment in Vantage at Tomball was originated in August 2020 and the Partnership contributed equity totaling $11.4M. As a result of the sale, the Partnership’s equity investment in the property was redeemed. At closing of the sale, the Partnership received net cash of approximately $14.2 M consisting of the return of its contributed equity and accrued preferred return. The Partnership estimates it will not recognize any gain, loss, or Cash Available for Distribution upon sale. “The proceeds from the sale of Vantage at Tomball will allow the Partnership to deploy capital into new accretive investments across our investment classes,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. “The Partnership’s overall return on the Vantage at Tomball investment was less than what has historically been achieved on prior equity investments due to rising insurance costs in the Houston metropolitan area as well as the higher interest rate environment since the last joint venture equity sale of the Vantage at Conroe investment in June 2023. However, we continue to believe in the long-term value of our multifamily property joint venture equity investment strategy.”