Western Illinois HAP SaleKyle Shoemaker
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 them in good condition with little deferred maintenance. Thirty-five units have been remodeled, including new kitchens and flooring. Common area light fixtures have been upgraded throughout each location. The roofs were replaced at Orion in 2018 and Cambridge in 2007. Gutters were replaced at both properties in 2018.
The property was sold to an active investor and operator of multifamily housing, making their first foray into the HUD space. The buyer worked with a HAP assignment consultant referred by AHIB, making for a smooth transaction.