Affordable Housing Investment Brokerage Closes Senior Portfolio in Burlington
Glen Ellyn, IL-based Affordable Housing Investment Brokerage, Inc. has closed a portfolio of senior housing properties located in the Burlington, VT area.
Kyle Shoemaker of Affordable Housing Investment Brokerage, Inc. represented both the seller, a local development company, and the buyer, a national investor and developer from Chicago expanding into new markets.
“Occupancy is consistently high across the portfolio, with each building maintaining a wait list,” said Shoemaker. “In addition, there are 78 units across the three properties that are completely unrestricted, allowing the opportunity to increase revenue as current rates are behind the market.”
The three communities – Hawk’s Nest in Saint Albans, and Falcon Manor and Eagle Crest in Williston – consist of 191 units total. All were developed under Section 42 LIHTC.
The buyers also gain additional income from the solar array at Hawk’s Nest, according Affordable Housing Investment Brokerage, Inc., and rents in 113 restricted units are below LIHTC maximums for growth potential.