INVESTMENT OFFERING
SAB Capital is pleased to present the Iowa Elderly HAP Portfolio, a group of two elderly-designated apartment communities located across southeastern Iowa. The portfolio consists of 90 units, with 100% of the units covered by Project-Based Section 8 subsidy contracts renewed under Option 3b.
River Terrace Apartments, located in Keokuk, Iowa, offers 46 units built in 1981, with its Section 8 contract recently renewed on July 1, 2023, and extended until May 31, 2033. Hillside Apartments, located in Ottumwa, Iowa, comprises 44 units built in 1982, with its Section 8 contract renewed on September 1, 2020, and extended until August 31, 2040. The two properties are situated 87 miles apart and must be sold together. The properties feature on-site management and amenities including community rooms, exercise facilities, and outdoor gathering spaces.
- Iowa Elderly HAP Portfolio | Ranked #1 Most Affordable State in the Country
- 90 Units Across Two Properties | 100% of Units Covered by Project-Based Section 8 Subsidy Contracts
- Strong REAC Scores | River Terrace (84b) and Hillside (91b)
- Located Within a QCT | Eligible for 30% Basis Boost
| Tenant | Price | Cap Rate | Lease Type | Square Feet | Status |
|---|---|---|---|---|---|
| Iowa Elderly HAP Portfolio | $ | % | 67,692 | Available |
