Western Illinois HAP Sale - Fieldcrest Apartments

Western Illinois HAP Sale

AHIB recently completed a full HAP sale in Western Illinois. Fieldcrest Apartments includes forty-one apartments operating under one HAP contract at two different sites in Western Illinois, specifically in the cities of Orion and Cambridge. The two locations are located approximately twelve miles apart and fourteen miles from the Quad Cities MSA. All units are reserved for independent seniors or disabled individuals. Fieldcrest was owned by long-term investors who have made numerous improvements to the properties, leaving [...]

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Midwest Multifamily & Affordable Housing Business

The Multifamily & Affordable Housing Business regional magazine covers the full spectrum of news and trends analysis in the multifamily, affordable and workforce housing sector. The July/August edition of Midwest Multifamily & Affordable Housing Business features AHIB Managing Director Kyle Shoemaker in the following cover story: “Why Investors are Flocking to Multifamily.” The stability of both market-rate and affordable housing — even during a pandemic — is driving sales amid a push for portfolio diversification. You can [...]

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LIHTC Award - Summit Garden-Jonestown Mississippi

9% LIHTC Award

Affordable Housing Investment Brokerage, Inc. represented the seller of the 65-unit Summit Garden Apartments in Jonestown, Mississippi. All the units of the multifamily property are covered by a Project-Based Section 8 HAP Contract that was entered in 2011 through the HUD Office of Housing Property Disposition.  AHIB represented Summit Corporations in the sale of the Summit Garden Apartments to Hughes Spelling. The buyer received a 9% LIHTC award to complete the acquisition and renovation. Multiple offers were procured on [...]

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Riverwalk senior-120-unit LIHTC-Lyons Illinois

120-unit LIHTC Community Outside Chicago

(June 30, 2021) – Affordable Housing Investment Brokerage Inc. (AHIB) recently sold a 120-unit independent senior living community in Lyons, Illinois for $8,800,000. Riverwalk sold for over list price with multiple offers procured. Managing Director Kyle Shoemaker represented the seller, Barron Development LLC, and buyer to complete the transaction. Riverwalk is a 120-unit, six-floor complex 15 miles outside Chicago, Illinois. Built in 2003, the community is located in Lyons at the corner of Ogden and Joliet avenues, within close proximity to [...]

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Florida Project-Based Section 8

Florida Project-Based Section 8 Sale

In February, 2021, AHIB closed on the Florida project-based section 8 sale known as Baker Manor. Located in Macclenny, Florida, Baker Manor is located within the Jacksonville, Florida MSA. The property was originally constructed around 1974 and was renovated in 1997 using State Apartment Incentive Loan (SAIL) funds. The garden style apartments consist of one-bedroom, two-bedroom and three bedroom units. Property amenities include a playground, a pool, laundry facility and a community room. Baker Manor Apartments is fully-covered by [...]

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Levy House in the Media

Affordable Housing Investment Brokerage (AHIB) is pleased to announce that Levy House, located at 1221 W. Sherwin Ave. in Chicago’s East Rogers Park neighborhood, has sold for $8.1 million. We are grateful for the coverage from multiple top-notch real estate media sites.  Please see below for some of the coverage: Affordable Housing Investment Brokerage advises on Levy House sale POAH Makes Acquisition in East Rogers Park Affordable Housing Investment Brokerage Arranges $8.1M Sale of Levy House in Chicago http://www.multifamilypress.com/categories/property-acquisitions/2860-affordable-housing-investment-brokerage-advises-on-levy-house-sale https://www.instagram.com/p/CKWsFTPrI_O/?utm_source=ig_web_copy_link https://www.multifamilybiz.com/pressreleases/12702/affordable_housing_investment_brokerage_advises_on

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Chicago Affordable Housing

POAH (Preservation of Affordable Housing) Preserves Chicago Property with AHIB

Affordable Housing Investment Brokerage (AHIB) is pleased to announce that Levy House in Chicago has sold for $8,100,000. Located at 1221 W. Sherwin Ave, Levy House is well placed in Chicago’s East Rogers Park neighborhood. Kyle Shoemaker, Managing Director of AHIB represented the buyer, Preservation of Affordable Housing (POAH), and seller, a non-for-profit. Levy House is a 57-unit, seven-story apartment building that offers one-bedroom, one-bathroom floor plans. The property operates as elderly housing and Preservation of Affordable Housing plans to [...]

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249 Unit HAP Sale in Gary, Indiana

AHIB, Inc. is pleased to announce the closing of Gary NSA I/II, also known as the 5th Avenue Apartments, in Gary, Indiana. The property consisted of fourteen separate buildings, primarily along the 5th Avenue corridor in downtown Gary. All units are covered by a Mark to Market HAP contract. Mark to Market, FHA-insured debt was in place, but was fully paid at closing. The property owner engaged Kyle Shoemaker and AHIB to conduct a marketing effort after [...]

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Senior HAP Closing During Covid-19

In May of 2020, AHIB successfully closed on the sale of Mt Carmel and Mt Village II apartments in Waterloo, Iowa. The deals went under contract in the late fall of 2020. The buyer, an east coast based non-profit, AHIB, and KeyBank, the buyer’s Freddie Mac lender, worked together to keep the deal on track through the Covid-19 crisis. The closing occurred at the original sale price. A post-closing renovation is planned using LIHTC funds. The [...]

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Kensington-Village-Affordable Housing-Winston-Salem-North-Carolina

142-Unit Affordable Housing property sold in Winston-Salem, North Carolina

We are pleased to announce the sale of Kensington Village Apartments, a 142-unit multifamily apartment property in Winston-Salem, North Carolina.  The well-maintained, stabilized property was originally built in the 1970’s and completely renovated in 2009. The prior renovation was financed by various sources including a HUD Grant. The HUD Grant was accompanied by multiple affordable housing deed restrictions including limits on tenant income and rent maximums. The brokers deployed a targeted marketing effort to identify and engage [...]

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