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.
125 South Wacker Drive, Suite 400
Chicago, IL 60606