GLEN ELLYN, IL - Affordable Housing Investment Brokerage Inc. (AHIB) announces the closing of a 171-unit senior apartment property deal in Rockford, Illinois. Sold for $21.1M, Valkommen Plaza has full HAP coverage and is located near the site of a new casino development. AHIB’s Managing Director Kyle Shoemaker represented both the seller, a private investor, and the buyer, Envolve Communities, in the transaction.
"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.
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.
In addition to the commercial spaces, every resident enjoys a storage locker and on-site laundry facilities, as well as a large lobby and community room which leads to a second floor roof.
The property itself 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. The building is an excellent combination of good current maintenance conditions, coupled with the opportunity for improvement.
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.
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