AHIB Brokers Receivership Sale of Five-Property Affordable Housing Portfolio in Wisconsin

by Channing Hamilton

MADISON AND MILWAUKEE, WIS. — A court-appointed receiver has retained Affordable Housing Investment Brokerage (AHIB) to secure new ownership for portions of Heartland Housing’s Wisconsin portfolio. Heartland Housing was an affordable housing developer and a subsidiary of Heartland Alliance. The non-profit developer went out of business in 2023.

The portfolio comprises 166 affordable housing units across five properties in Madison and Milwaukee. Cinnaire Solutions acquired the two properties in Madison, Rethke Terrace and Tree Lane Apartments. Rethke Terrace was built in 2016 and comprises 60 units. Tree Lane Apartments is a 45-unit community that was completed in 2018.

The assets in Milwaukee sold to three different private investors. St. Anthony Apartments is a 60-unit property that was completed in 2016. Prairie Apartments is a 24-unit community developed in 2008. Maskani Apartments was built in 2014 and comprises 37 units.

Kyle Shoemaker of AHIB represented all buyers in the transaction.

You may also like