Affordable Housing Listings
Lincoln School is a 45-unit apartment building located in Waupun. The property is comprised of one 2-story apartment building built in 1992, with 45 two-bedroom units and parking for 90 vehicles. The property was developed under the federal Low Income Housing Tax Credit program and continues to operate as affordable housing subject to a land use agreement that expires at the end of 2022. Lincoln School has undergone significant capital improvements over the last several years, including new roof, decks, hallway carpet, boiler controls, water heater, and trash enclosure. Offered at a low price per unit and far below replacement cost, this turnkey property is projected to deliver 9% leveraged cash returns, and 18% total returns to investors who adjust rents to 60% of county median income.
Marshall School Apartments is an award-winning, Section 42 redevelopment project of a former high school into 55 apartment units located on the Rock River in downtown Janesville. The property currently supports 22 market rate apartments, and with LURA expiring in 10 years on 33 units, there is significant rent upside. Individual units feature one-of-a-kind floorplans, full-kitchen appliance packages, walk-in closets, and central air conditioning and heating. This is a very unique investment opportunity located in a diverse and resurging downtown Janesville with low market vacancies.
Prairie Park is a signature, older-adult tax credit property with a superior occupancy history in a prime location on Madison’s affluent west side. The building offers a business, activity and fitness center. The property offers a variety of floor plans, and each unit features an in-unit washer/dryer, central heat and air conditioning, an open-kitchen concept complete with a full appliance package, a patio or balcony and large bedrooms and bathrooms. With the growing demographic of senior renters, the property is poised for future rent growth. Current in-place
monthly rents are $7,400 below current maximum allowable tax credit rent levels. The Property is offered subject to a Land Use Restriction Agreement (LURA) that expires on December 31, 2032.
Villa West is a 170-unit Elderly Section 8 apartment community located in the City of Green Bay, WI. The property is comprised of 10 two-story buildings, one community center and office, and one free-standing maintenance facility. Villa West is comprised of 1 Bedroom/1 Bath units that feature a refrigerator, range/oven, window coverings, storage closets, and on-site parking, all located on an expansive 7.5-acre site.
Hanover Square is a 65-unit apartment community developed in 2001-2002 on roughly 4.17 acres of land on the east side of Madison, Wisconsin. The property is comprised of one 3-story building with 33 units and underground parking (2461 Old Camden Square), and three townhouse-style buildings totaling 32 units, each equipped with a private attached garage. The unit mix is spread across one, two, and three bedroom floor plans. Apartment occupancy has been an exemplary 98.5% since 2012.
Jefferson School Apartments are a 35-unit apartment property in the City of Jefferson, WI. Formally home to the area middle school, the property underwent a major, historic renovation as
part of a Section 42 tax credit rehabilitation program in 2001. Unit amenities include: loft ceilings and oversized windows, spacious floor plans, full central air conditioning. Ample outdoor parking is also available.
Amity is an affordable rental community in the city of West Bend, WI. The property underwent a comprehensive renovation in 2002-2003. The building was previously home to Amity Leather
warehouse. The apartments are best-in-class in the market, featuring high ceilings, large windows and generous floor plans with units as large as 1,800 square feet The property has an elevator, on-site office, community room and fitness room.
Rock Bay Harbor
Rock Bay Harbor is a 97-unit apartment building Beloit, Wisconsin. The property is comprised of one three-story property, along with ample outdoor parking and a gazebo. Each apartment is furnished with a patio or balcony, and full kitchen. The property also features heated underground parking stalls, an on-site office, community room with full kitchen, and on-site
laundry. Rock Bay Harbor is a well-maintained property designated for seniors with a superior the growing demographic of senior renters, the property is poised for future rent growth and strong occupancies for investors.
Arcade on the Lake
Arcade on the Lake is an attractive offering of 75 renovated apartment units and 4 commercial suites located in downtown Racine, Wisconsin. Tenants pay the electricity and a portion of their forced heat and air-conditioning (via in-unit electric blowers). The property boasts spacious one-of-a-kind floor plans, full kitchen appliance packages and central air conditioning. The current owners have steadily reinvested in capital improvements over the trailing 4 years.