Updated 9 months ago on . Most recent reply
Question about a valuation of a 251-unit complex
As part of my father's estate, I have a minority share in a 251-unit residential complex in Louisville, KY. It's in a nice part of town on a large plot of land, consistently at 95+% occupancy, cash flows about $125/mo/door. It was financed as a HUD project 20+ years ago via historical tax credits and receives about 40% of rental income via HUD. We recently had it appraised, and the appraisal came back at $70-80K/door. This seems very low to me considering it appraised at $106k just a couple of years ago. I'm looking for advice on next steps and leads on firms that specialize in this kind of appraisal.