GLEN ELLYN, IL - Affordable Housing Investment Brokerage Inc. (AHIB) recently closed a three-property senior housing deal in the greater Burlington, Vermont area for an undisclosed price. Consisting of 191 units across all properties, the three communities, Hawk’s Nest in Saint Albans, and Falcon Manor and Eagle Crest in Williston, serve independent senior tenants and were all developed under the Section 42 Low Income Housing Tax Credit program. AHIB Managing Director Kyle Shoemaker 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.”
Eagle Crest, a 60-unit building, was built in Williston in 1999 and is located across the street from Falcon Manor, a 65-unit building built in 2001. Hawk’s Nest is a 66-unit property located 45 minutes north in St. Albans. The wait list is the longest at Hawk’s Nest, which has 44 units on a HAP contract. The buyers also gain additional income from the solar array at Hawk’s Nest.
Each of the three properties features one- and two-bedroom apartments, an elevator, underground parking, laundry on each floor, patios or balconies in most units, and a large community room with fireplaces. Rents in the 113 restricted units across are below LIHTC maximums, allowing for growth potential across the portfolio.
This offering provides a unique opportunity to enter the Burlington market with economies of scale across three well-maintained properties with sustained excellent operations in a growing community of 45,000 residents. The Burlington Senior portfolio is well-positioned to continue as the premier option for affordable, independent senior housing.
About Affordable Housing Investment Brokerage: Affordable Housing Investment Brokerage, Inc.’s (AHIB) sole purpose is the direct, confidential sale of affordable housing. Driven by a passion for maximizing client wealth and serving an industry that provides a vital social need, AHIB’s principals have sold over $1 billion in niche real estate investments, including Project-Based Section 8, Section 42, and HUD-financed properties. AHIB maximizes value through marketing by agents who provide a single source for affordable housing and local real estate knowledge. Learn more about AHIB at www.affordablehousingbrokerage.com