A 152-unit, 100% LIHTC community in Portsmouth, Virginia, operating at 60% AMI with affordable restrictions running through 2035. The property sits across from a major regional casino development and the city's largest private employer, in a submarket anchored by a naval shipyard, a major East Coast port, and a dense concentration of regional military installations. Market-rate rents ran well above in-place lease rates, occupancy held near full, and income limits in the metro had grown steadily since 2017. The deal required communicating something uncommon: a stabilized affordable housing asset in a secondary market with a genuinely institutional-grade investment story. The OM had to translate military permanency, port logistics, and accelerating business investment into a document that a national buyer pool would take seriously.
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