Senior Section 8 Sale in Western IllinoisKyle Shoemaker
In April of 2019, AHIB closed on the a senior section 8 sale in western Illinois. Civic Plaza is a 63 unit property with a full HAP contract, designated for independent senior living and located in Rock Falls, Illinois.
After a marketing effort producing multiple offers, the owner choose to sell to a Chicago-based buyer who was using funds from a 1031 exchange. Furthermore, the buyer has ample experience working with both HUD and AHIB to give confidence in their ability to perform when applying to HUD to assume the project-based Section 8 contract.