Central High Apartments

Investment Overview

Kiser Group is pleased to offer the Central High Apartments for sale, a 49-unit, former high school converted to apartments in Vandalia, IL in the St. Louis MSA. The property sits within both an Opportunity Zone and Enterprise Zone and allows an investor the opportunity to acquire the community at a significant discount to stabilized value. After sustaining storm damage in late 2025, the community is available at its as-is value, and features a brand-new $200,000 roof installed in 2026. With a growing base of regional workforce and senior residents, Central High presents a clear path to strong, stabilized returns in an underserved Central Illinois submarket.

Investment Highlights

• Deep value-add spread - distressed acquisition basis creates substantial value creation
• Non-recourse exit - USDA Section 538 financing returns 100% of investor capital at stabilization
• Opportunity Zone - 10-year hold eliminates capital gains tax on appreciation
• County Enterprise Zone - reduced sales tax on renovation materials lowering rehab budget