MENU

Homestead Independent

Living Portfolio

2-Property Independent Living Portfolio Now On Market in Springfield, IL

THE PROPERTIES

Homestead Place

4305 West Washington Street

60 Units

The Opportunity

The Homestead Independent Living Portfolio is made up of two distinct properties located within a few miles of each other in the southwest portion of Springfield, Illinois. The assets were developed using Low Income Housing Tax Credits (LIHTC) in the late 1990s and are still subject to the land use restrictions. Homestead at Montvale is a three-story, elevator building containing 160 apartment homes and offers an excellent location. The property is within walking distance of retail and restaurants along the Veteran’s Parkway retail corridor including White Oaks Mall. Homestead Place offers 60, “ranch-style” apartment homes in a more quiet, residential area that backs up to a large park. Both properties are located off of Veteran’s Parkway, a major north-south thoroughfare in Springfield, not far from I-74.

The assets are perfectly positioned for cosmetic upgrades to take advantage of their growing senior market. Both assets offer a good mix of large, open one- and two-bedroom floor plans with an average size of 943 square feet and uncommon features such as central air conditioning and washer/dryer hook-ups in all units. Still owned by the original developer, this represents an exceptional opportunity to acquire two, well-positioned assets in the state capital of Illinois, and great value-enhancement potential through upgrades and more effective management. There may also be an opportunity to take one or both properties through the Qualified Contract process to make them market rate. Here are a few reasons we feel that the offering of the Homestead Portfolio creates an outstanding long-term opportunity.

Homestead Place

Investment Advisors

Investment Advisors

Ralph DePasquale

Managing Director

Ralph.DePasquale@berkadia.com
312.957.7392

Alex Blagojevich

Managing Director

Alex.Blagojevich@berkadia.com
312.845.3088

Parker Stewart

Director

Parker.Stewart@berkadia.com
312.845.3094

financing

Paul Matusiak

Senior Director

Paul.Matusiak@berkadia.com
312.845.1888

CHICAGO OFFICE

125 South Wacker Drive, Suite 400

Chicago, IL 60606

Phone: 312.957.7391

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
©2018 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx