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Colliers International Florida’s Affordable Housing Group Brokers $8.5M Sale of Indiana Multi-family Asset

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FORT LAUDERDALE (July 29, 2020) – As demand for Affordable Housing assets continues to increase in light of the COVID-19 pandemic, Colliers International Florida is pleased to announce that it recently closed on the $8.5 million sale of Shelby’s Crest, a multi-family asset in Shelbyville, Indiana.

Colliers International Affordable Housing Services Group’s Senior Director Kevin Morris and Associate Christopher Rivera, along with Senior Vice President Multi-Family Advisory in Indianapolis Amy Burmeister, represented the seller, Dominium Group Inc., and procured the buyer, Harmony Housing Advisors, Inc., in the transaction.

Located at 753 Shelby’s Crest, Shelbyville, Indiana, and 4300 Morristown Road, Shelbyville, Indiana, the property consists of 120 units. The acquisition provided an opportunity for the buyer to expand in the state of Indiana with a well managed turn-key asset.

“We are pleased to have worked with both the buyer and seller in this transaction, which was under contract before the pandemic came into effect and still closed nearly a month ahead of schedule,” said Morris. “Demand for affordable housing among multi-family investors continues to increase as highlighted by the fact we were able to achieve a sale price higher than what we were asking on behalf of our client.”

The use of government programs and subsidies in the Affordable Housing market minimizes exposure in times of uncertainty, which incentivizes interest in contributing to the mission-based objective of this niche product type, said Morris. The Shelby’s Crest property was extremely well managed, requiring almost no renovations and with full occupancy at the time of sale.

The Colliers International Affordable Housing Group is dedicated to preserving and expanding affordable housing nationwide for families and individuals with low incomes. The team understands the nuances and issues within the affordable housing industry; and their in-depth knowledge and years of experience have enabled them to successfully navigate the complexities of this niche with expertise.

For more information on Colliers International Affordable Housing Group, please contact Kevin Morris at kevin.morris@colliers.com.


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Kevin Morris

Senior Director - Affordable Housing Services

Fort Lauderdale


Kevin I. Morris is  the leader of Colliers Affordable Housing Group.  This specialty division is active across the country brokering in the disposition and acquisition of affordable housing complexes coast to coast. Kevin brings more than 25 years of commercial real estate experience to Colliers South Florida. Collectively the group has over 60 years of experience. 

For the past fifteen years, Kevin has narrowed his  specialty, focusing on affordable housing property transactions.  He has experience closing a broad range of project-based deals, including the Homeownership Assistance Program (HAP), Rural Development (RD 515), and Low-Income Housing Tax Credit (LIHTC) which included both General Partner interest transfers and fee simple sales. 

Building upon his foundation of knowledge and experience, the Affordable Housing Group is positioned to help clients navigate the complexities of this niche property landscape - including strategic planning issues, development and tax matters, and the intricacies of federal, state and local housing programs. 

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