Maple Park Apartments: Senior HAP Sale in Iowa
Affordable Housing Investment Brokerages, Inc. (AHIB) is pleased to announce the closing of the Maple Park Apartments, a HAP offering in Algona, Iowa. Maple Park is an Independent Senior community with full HAP coverage. Algona is a city of over five thousand residents in northern Iowa, between Des Moines and Minneapolis. The city is the county seat and home to a regional medical center.
The property is a quiet community with a landscaped garden courtyard, laundry facilities on each floor, common sitting areas, and a community room. The building is in good condition, evidenced by a strong REAC scores, including an 89b on the most recent inspection. The site is on a ground lease with the city of Algona, that has a term through 2075.
AHIB was able to procure several offers, and ultimately closed the deal with a private investor utilizing 1031 exchange funds.