Affordable Housing Investment Brokerage Inc. (AHIB) was retained by a court-appointed receiver to identify and secure new owners for portions of Heartland Housing's Wisconsin portfolio, which included 166 affordable housing units across five properties in Madison and Milwaukee, Wisconsin. AHIB’s Managing Director Kyle Shoemaker also represented all of the buyers in the transaction.
"When Heartland Housing could not continue operations, it was paramount to the Wisconsin Housing and Economic Development Authority (WHEDA), the cities of Madison and Milwaukee, and the tenants of the properties, to secure new ownership and management capable of navigating each properties complex restrictions and to preserve affordability,” said Shoemaker. “AHIB was uniquely qualified to understand the multiple regulations impacting the deals, and the market of qualified buyers available."
Cinnaire Solutions acquired the two Madison properties - Rethke Terrace and Tree Lane Apartments.
Rethke Terrace, located at 715 Rethke Ave. in Madison, Wisconsin, is a 60-unit affordable housing property with LEED Platinum designation. It was developed in 2016 under the 9% Low Income Housing Tax Credit (LIHTC) program with additional funding from other sources. Six of the units are designated for individuals at or below 30% Area Median Income (AMI) with the remaining 54 studio units being Permanent Supportive Housing (PSH) units with various Housing Assistance Payment (HAP) contracts.
Tree Lane Apartments, located at 7933 Tree Lane in Madison, Wisconsin, is a 45-unit affordable housing complex. It was developed in 2018 under the 9% LIHTC program and additionally has a HAP contract through the Dane County Housing Authority. The property consists of 19 two-bedroom units, 23 three-bedroom units, and three four-bedroom units.
The Milwaukee properties, including St. Anthony Apartments, Prairie Apartments, and Maskani Apartments, were sold to three different private investors.
St. Anthony Apartments, located at 1004 North 10th St. in Milwaukee, WI, is a 60-unit, affordable housing property. It was developed in 2019 under the 9% LIHTC program and additionally has a HAP contract through the Milwaukee County Housing Division for 39 of the units. The apartments feature seven studios and 53 one-bedroom units.
Prairie Apartments, located at 1218 W. Highland Ave in Milwaukee, WI, is a 24-unit affordable housing property. It was developed in 2008 under the 9% LIHTC program. The property consists of 13 studios and 11 one-bedroom units.
Maskani Apartments, located at 320 E. Center St. in Milwaukee, Wisconsin, is a 37-unit affordable housing property. It was developed in 2014 under the 9% LIHTC program and features eight two-bedroom units, 18 three-bedroom units, and 11 four-bedroom units.
Affordable Housing Investment Brokerage assists buyers and sellers throughout the country with niche real estate investments, including Project-Based Section 8, Section 42, and HUD-financed properties. Throughout the year, the firm has brokered deals throughout 11 states.
