Valkommen Plaza: Independent Senior Apartments Sale in IllinoisKyle Shoemaker
Affordable Housing Investment Brokerage, Inc. (AHIB) represented the seller of the 171-unit Valkommen Plaza, an independent senior apartment building operating with a HAP contract. Valkommen Plaza is a nine-story, elevator building with commercial spaces on the first floor, providing excellent amenities including a beauty salon, police sub-station and grocery for the local community of downtown Rockford, Illinois. Rockford, Ill., boasts a population of 150,000 just 70 miles northwest of Chicago on Interstate 90. Officials just announced a $200M planned development for a Hard Rock Cafe casino and hotel in the city.
In a 45 day marketing period, AHIB produced multiple offers from national, local and regional affordable housing developers. A sales contract was signed at 95% of the established target price in August of 2022, and the deal closed in February of 2023 with no price change. This fact was particularly impressive considering significant interest rate raises and volatility during the escrow period. Valkommen presented its buyers, Envolve Communities. with a unique opportunity to square a well-maintained, safe independent senior community of scale only a short distance from a major metro area. Envolve is planning a LIHTC renovation to preserve this valuable affordable housing for the foreseeable future.