Triad Real Estate Partners has sold Oakwood Estates, an 80-unit Low Income Housing Tax Credit (LIHTC) multi-family property located in Decatur, IL.
The apartment complex was originally constructed in 1995 under the covenants of the LIHTC program. The seller is a Minnesota-based tax credit and affordable housing developer with a portfolio of more than 20,000 units in 19 states. The buyer is a well-established Champaign-based investment company with a large regional footprint in central Illinois. The buyer will continue to operate the stabilized asset as an affordable property as a long term hold. The sale price was $2,725,000 representing a year one CAP rate of 8.22%. Financing was provided by Morton Community Bank.
Triad has now sold over 2,000 units of LIHTC properties across the Midwest since 2010.
