Affordable Housing Investment Closes Iowa Portfolio Deal
- May 27, 2020
Affordable Housing Investment Brokerage Inc. has arranged the $2.8 million sale of Mt. Carmel Apartments and Mt. Village Apartments, two affordable senior housing communities totaling 80 units in Waterloo, Iowa. Managing Director Kyle Shoemaker and Senior Vice President Dan Piatkowski represented both the buyer, a nonprofit, and the seller, a private investor.
The two adjacent assets are at 1603-1609 Mt. Carmel Drive and 1702-1705 Mt. Village Drive, respectively. The 50-unit Mt. Carmel consists of 13 buildings delivered in 1980, with one- and two-bedroom floorplans. Completed in 1992, Mt. Village is an eight-building community encompassing 30 studio and one-bedroom units. According to Shoemaker, the buyer intends to complete a low-income housing tax credit renovation at the two properties in order to preserve their affordability.
Both communities are some 3 miles north of downtown Waterloo, within walking distance of UnityPoint Health – Allen Hospital and close to Cedar Valley Cardiovascular Center. Situated near U.S. Route 63, the properties are also easily accessible through public transportation.
Last March, AHIB partnered with Kiser Group in facilitating the $15.5 million sale of a 59-unit community in Chicago. The brokers assisted both parties in the transaction.