Wabash Crossing
1050 N Martin Luther King Drive, Decatur, IL 62521
Overview
Wabash Crossing is a 471-unit, 3-phase HOPE VI mixed-income affordable housing community located in Decatur, Illinois, developed through a public-private partnership with the Decatur Housing Authority (DHA). The community was constructed in three phases: Phase I (2003, 206 units), Phase II (2005, 175 units), and Phase III (2009, 90 units). Unit mix includes 78 one-bedrooms, 275 two-bedrooms, and 134 three-bedrooms across all phases, averaging 681 SF per unit.
The portfolio includes 164 HAP/DHA-assisted units across all three phases (100 in Phase I, 35 in Phase II, 29 in Phase III). All LIHTC credit periods are expired (placed in service 2005, 2008, and 2011), making the portfolio eligible for 4% LIHTC/Bond resyndication by a qualified developer and being offered without an asking price.
Investment Highlights
PROPERTY
Three-phase, 471-unit community with 164 HAP/DHA-assisted units generating stable, federally subsidized rental income
Ground leases with DHA; existing regulatory and operating agreements in place across all phases
value
HUD HOPE VI grant-funded master-planned redevelopment
Combined Section 8 HAP/subsidy revenue
Opportunity
All credit periods expired (2005/2008/2011 placements) — ideal candidate for 4% Bond/LIHTC recapitalization with new equity
Ability to secure additional PBV through DHA
Value-Add Capital Improvement Potential indicate opportunity to improve physical condition and increase property value through renovation
Investment Advisory Team
