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501 Austin’s Ridge Cir. - Southern Pines, NC 28387
PROPERTY Stats
52
UNITS
2006
Year Built
XXX
sF
PROPERTY OVERVIEW
Austin’s Ridge Apartments is a 52-unit affordable housing community located in Southern Pines, NC. Nearby retailers include Walmart Supercenter, Lowe’s, and Hobby Lobby. Restaurants, medical care, schools, and entertainment are all minutes away.
The property was built and placed in service in 2006 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 50% & 60% of Area Median Income (AMI) limits, which are provided by the North Carolina Federal Tax Reform Allocation Committee.
Residents benefit from community amenities such as a business center, community room, playground, gazebo, picnic and grilling area, covered mailbox area, laundry facilities, and on-site maintenance and management. Unit amenities include private patios, carpeting, energy efficient appliances, large closets, washer/dryer connections, window coverings, and high-speed internet access.
LIHTC Property with a Variety of Residential and Community Amenities
Conveniently Located Near Major Retailers, Restaurants, and Outdoor Recreation
Strong AMI Growth in Moore County with an Average Annual Increase of 8.98% Since 2019
Fair Market Rents for Two Bedroom Units in Moore County Have Increased 17.5% Since 2019
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
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Jeff IRish
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT ADVISORS
Adam Tomberg
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
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774 South Shelmore Boulevard
Suite 105
Mount Pleasant, SC 29464
Mount Pleasant OFFICE
Managing Director
Multifamily
843.628.3765
mark.boyce@berkadia.com
MArk Boyce
Managing Director
Multifamily
843.628.3765
mark.boyce@berkadia.com
MArk Boyce
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
Adam Tomberg
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
Jeff IRish
INVESTMENT ADVISORS
774 South Shelmore Boulevard
Suite 105
Mount Pleasant, SC 29464
Mount Pleasant OFFICE
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
774 South Shelmore Boulevard
Suite 105
Mount Pleasant, SC 29464
Mount Pleasant OFFICE
