Western Trails Home / Western Trails

$ 4,500,000

3201 Renner Drive, Council Bluffs, IA 51501 

  • BUYER Dominium
  • SIZE 120 Units
  • PROPERTY TYPE Multifamily
  • YEAR BUILT 1997


  • Limited Tax Credit Market
  • Quietly shopped off market
  • Poor recent financial performance of the asset


  • Closed on time
  • Sold for top dollar
  • Very smooth transaction


  • 70 Days Contract to close date
  • Exceeded the pricing expectations of the seller
  • Buyer and Seller are both happy with the transaction


Scott was hired by the owner of the Wester Trails Apartments a 120-unit Affordable Tax Credit deal they had developed in Council Bluffs Iowa back in 1997. The ownership gave Scott permission to quietly shop the property to the appropriate tax credit buyers for Nebraska and Iowa, the market for affordable and tax credit deals is small due to the specialization required to underwrite, own and operate Tax Credit deals. There are only 38 total ownership groups of affordable tax credit housing in Nebraska and Iowa, Scott was able to connect with them and secure a top quality buyer that closed quickly (70 days contract to close), assumed the IFA HOME note and all with no hiccups. The buyers plan to run the property back through the tax credit program in order to refresh the property and add some amenities for the residents.