STERLING, Va. — Greysteel has arranged the sale of Cascades Village Senior Apartments, a Low-Income Housing Tax Credit (LIHTC) property in Sterling, approximately 25 miles northwest of Washington, D.C.
A private local investor sold the property to Avanath Capital Management for $27.2 million.
Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 under the LIHTC.
Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange a senior loan provided by M&T Realty Capital Corp.