PALATKA, Fla. — Affordable Housing Investment Brokerage Inc. (AHIB) has sold Kay Larkin Apartments, a 60-unit garden-style apartment complex, and Grand Pines Apartments, a 78-unit senior living apartment community.
Both properties are located in Palatka, approximately midway between Jacksonville and Orlando. The Grey Rock Group LLC acquired the assets from a private investor for $4.9 million.
Kyle Shoemaker and Bill Brading of represented both the buyer and the sellerin the transaction.
Kay Larkin and Grand Pines were both developed using LIHTC and SAIL funding and are subject to regulatory agreements for 50 years from their placed-in-service date.
Kay Larkin Apartments is a 67,112-square-foot, two-story property located on the west side of Palatka near the Palatka Kay Larkin Airport. The tri-story senior residential property known as Grand Pines is located near the Palatka downtown area.