Chicago, IL — March 25, 2026

Three-Property Sale Preserves Affordable Housing Across Peoria, Normal, and Effingham

MMG Affordable Housing announced today the successful closing of a three-property, 396-unit affordable housing portfolio located across central Illinois. The portfolio includes Landmark Apartments in Peoria, Lake Pointe Apartments in Effingham, and Amanda Brooke Apartments in Normal — each operating under a Project-Based Section 8 HAP contract. The transaction was brokered by Kyle Shoemaker, Managing Director of Affordable Housing, and Bill Brading, Senior Director of Affordable Housing, at MMG Real Estate Advisors.

The buyer is executing an acquisition and renovation utilizing tax-exempt bonds issued through the Illinois Housing Development Authority (IHDA) and 4% Low Income Housing Tax Credits (LIHTC). The financing structure will fund a significant renovation across all three properties while preserving each asset as long-term affordable housing for families in their respective communities.

Completing the renovation plan required coordination with both HUD and IHDA to modify the existing regulatory framework governing the properties. The complexity of that process demanded a buyer with deep experience in affordable housing finance and development — a key factor shaping MMG’s targeted marketing effort toward highly specialized affordable housing developers.

“MMG Affordable Housing is pleased to have facilitated the successful preservation and renovation of three large, family assets in central Illinois,” said Kyle Shoemaker, Managing Director. “Each property’s HAP contracts will be utilized to continue providing desperately needed affordable housing options in Peoria, Normal, and Effingham.”