Gadsden Arms (Quincy, Florida)

Gadsden Arms Apartments is a 100 unit Section 8 multi-family property located in Quincy, Florida. Originally constructed in 1974 and renovated in 2008, Gadsden Arms consists of fifteen two story buildings containing 28 two-bedroom units and 72 three-bedroom units. The project is currently occupied with 100% of the units under a HUD HAP contract. The project will receive a 20-year HAP contract assignment at syndication closing to continue the affordability period for the project.

Omni Affordable Florida, LLC an affiliate of SBV, acquired Gadsden Arms in October 2022 and anticipates starting the rehabilitation of the project in Q2 2024. The acquisition and rehabilitation of Gadsden Arms will be financed by the Florida Housing Finance Corporation using approximately $11 million of tax-exempt bond proceeds. The capital stack will also include $7.5 million of equity generated by the syndication of 4% as-of-right Low-Income Housing Tax Credit (“LIHTC”). The units will be subject to regulation in accordance with the LIHTC program with all units affordable to households making below 60% of Area Median Income (“AMI”).