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AHIB Represents Buyer and Seller in Rockford Affordable Apartment Sale
Affordable Housing Investment Brokerage Inc. (AHIB) closed the sale of a 171-unit senior apartment property in Rockford, IL. Sold for $21.1 million, Valkommen Plaza has full HAP coverage and is located near the site of a planned Hard Rock Cafe casino and hotel development.
AHIB’s managing director Kyle Shoemaker represented both the seller, a private investor, and the buyer, Envolve Communities.
“Valkommen presents its buyers with a unique opportunity to square a well-maintained, safe independent senior community of scale only a short distance from a major metro area,” said Shoemaker. “The property is well-positioned to add value and drive revenue for the next phase of its life.
The property recently received a number of upgrades, including a roof replacement, new elevator machines, a new transformer and central air handlers. A number of unit kitchens and baths have also been updated.
- ◦Sale/Acquisition
