Senior Project-Based Section 8 Sale in IllinoisKyle Shoemaker
On September 9th, AHIB completed a senior project-based Section 8 sale in Illinois. The property, Northridge Village, is a 24 unit complex operating with all units covered by an Option 4, exception rent HAP contract. The Seller was a family business that was the original developer of the property. They were referred to AHIB by another broker after trying to get an offer from a national Section 8 buyer. When they couldn’t make the deal, the buyer recommend AHIB to the Seller to get the job done.
Within two months of marketing, the Seller had several buyer options to choose from. They opted with a private investor who also is an experienced HUD lender, due to a high-level of confidence in her ability to close. After an escrow period of approximately five months the deal has closed.