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 property complex restrictions and of preserving affordability,” said Shoemaker.
Cinnaire Solutions acquired the two Madison properties – Rethke Terrace and Tree Lane Apartments. The Milwaukee properties, including St. Anthony Apartments, Prairie Apartments, and Maskani Apartments, were sold to three different private investors.
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