Affordable Housing Investment Brokerage Inc. (AHIB) recently closed a three-property senior housing deal in the greater Burlington, Vermont area for an undisclosed price. Consisting of 191 units across all properties, the three communities – Hawk’s Nest in Saint Albans, and Falcon Manor and Eagle Crest in Williston – serve independent senior tenants and were all developed under the Section 42 Low Income Housing Tax Credit program. AHIB Managing Director Kyle Shoemaker represented both the seller, a local development company, and the buyer, a national investor and developer from Chicago expanding into new markets. 

“Occupancy is consistently high across the portfolio, with each building maintaining a wait list,” said Shoemaker. “In addition, there are 78 units across the three properties that are completely unrestricted, allowing the opportunity to increase revenue as current rates are behind the market.” 

Eagle Crest, a 60-unit building, was built in Williston in 1999 and is located across the street from Falcon Manor, a 65-unit building built in 2001. Hawk’s Nest is a 66-unit property located 45 minutes north in St. Albans. The wait list is the longest at Hawk’s Nest, which has 44 units on a HAP contract. The buyers also gain additional income from the solar array at Hawk’s Nest.

Each of the three properties features one- and two-bedroom apartments, an elevator, underground parking, laundry on each floor, patios or balconies in most units, and a large community room with fireplaces. Rents in the 113 restricted units across are below LIHTC maximums, allowing for growth potential across the portfolio.

This offering provides a unique opportunity to enter the Burlington market with economies of scale across three well-maintained properties with sustained excellent operations in a growing community of 45,000 residents. The Burlington Senior portfolio is well-positioned to continue as the premier option for affordable, independent senior housing.

“Valkommen presents its buyers with a unique opportunity to square a well-maintained, safe independent senior community of scale only a short distance from a major metro area,” said Shoemaker. “The property is well-positioned to add value and drive revenue for the next phase of its life. 

The Mogharebi Group (TMG) has brokered the $7.25 million sale of a multifamily community in the Orange County community of Costa Mesa, CA. The buyer of the fully occupied property is an Orange County-based private investor.

Built in 1954 and 1986, the property is located at 221½ - 233 Avocado St. on a 1.14-acre site with easy access to the Costa Mesa Freeway. Situated on two parcels, the asset features a mix of two-bedroom townhomes, two-bedroom single-story detached apartment homes, one-bedroom, and studio units with select units including garages, patios and washer/dryer hookups. The low-density property holds the potential for ADU expansion.

“Despite the unfavorable debt market, we were able to obtain an outstanding price for this generational asset, one of the higher sales in the market for two-bedroom units,” said TMG’s Brett Bayless, who teamed with fellow Senior Vice President Ben Ketel to represent the seller. 


Indicative of the healthy investor appetite for multifamily assets in the area, the 221½ - 233 Avocado St. sales price of more than $483,333 per conforming unit represented a 25% percent increase over the 2021 per unit median price of $386,236. According to PwC and Urban Land Institute’s “Emerging Trends in Real Estate 2022,” Orange County ranked fourth nationally in multifamily investment favorability.

In a market that long term has faced housing shortages, only 224 multifamily units are planned in Costa Mesa over the next five years, falling well short of the expected formation of 810 new households over that same period, according to TMG research. 

221½ - 233 Avocado St. offers easy access to shopping and entertainment, including nearby South Coast Plaza, the largest  mall in Southern California. The property is only minutes away from Newport Beach and John Wayne Airport. Within close proximity are three major educational institutions – Orange Coast College, Vanguard University and the University of California-Irvine – that have a combined enrollment exceeding 60,000 students. 


The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout California, Seattle and Salt Lake City, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology and direct access to capital with over $800 million in regularly revolving inventory. For more information visit: Mogharebi.com

Standard Communities, a major national affordable housing developer and investor, has led a public private partnership acquiring two senior 100% affordable communities totaling 466 units in Chicago and its suburbs. The transaction extends and preserves their affordability for 30 years.

Standard Communities, a major national affordable housing developer and investor, has led a public private partnership acquiring two senior 100% affordable communities totaling 466 units in Chicago and its suburbs. The transaction extends and preserves their affordability for 30 years.

Amplify Development Company, a national real estate development and investment management company with ties to Colorado, has expanded its student housing-focused portfolio in the state, acquiring the Vista Apartments across from the University of Denver for $41.3 million. The acquisition is the firm’s third in Colorado and second near the University of Denver since 2021.