Affordable Housing Investment Brokerage Inc. announced it has arranged the sale of a three-property affordable seniors housing portfolio in the greater Burlington area of Vermont. Built in 1999, Eagle Crest comprises 60 units and is located across the street from the second community, Falcon Manor. Built in 2001, Falcon Manor comprises 65 units and sits on 1.5 acres also just east of Burlington. The third community is Hawk’s Nest of St. Albans, which comprises 66 units and is located 30 miles north of Burlington.
Occupancy was consistently high across the portfolio, with each building maintaining a wait list, with the longest wait list at Hawk’s Nest, which has 44 units on a HAP contract. The purchase price of the portfolio was not disclosed. Affordable Housing Investment Brokerage Inc.’s Kyle Shoemaker represented both the seller, a local development company, and the buyer, a national investor and developer from Chicago expanding into new markets.
