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3440 Corinth Pkwy. - Corinth, TX 76208
PROPERTY Stats
128
UNITS
2003
Year Built
59.4%
% Affordable Units
PROPERTY OVERVIEW
Autumn Oaks of Corinth is a 128-unit mixed-income housing community for seniors located in Corinth, TX. The property consists of 32 assisted living units and 96 independent living units. The property is conveniently situated within minutes of major transportation arteries, healthcare, shopping, and Lewisville Lake, which provides an abundance of outdoor recreation.
The property was built and placed in service in 2003 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires at least 76 units to be rented to income qualifying residents earning no more than 50% and 60% of the Area Median Income (AMI) limits, which are provided by the Texas Department of Housing and Community Affairs. The remaining units are unrestricted.
Autumn Oaks of Corinth offers studio, one, and two bedroom single-level apartment homes. Each unit features an individual patio, ceiling fan in the living room, large walk-in closets, washer & dryer connections, window treatments, extra storage, individually controlled heating & air, as well as a full kitchen appliance package.
Community amenities include a clubhouse with an elegant dining hall, movie room, library, and fitness room. The property also offers residents on-site social activities, weekly outings, fitness programs, and a full-service beauty salon.
52 of the 128 total units are unrestricted with a proven rental delta between the market units and the affordable units
Denton County’s population age 65 and older is forecast to grow 26% over the next seven years, surpassing 484,000 residents
The asset is located in an affluent area of the Dallas – Fort Worth, TX MSA, with a median household income of over $102,000 within three miles of the property
Rental rates have increased by 15.6% in Corinth over the past 24 months per Yardi, highlighting the strength and velocity of the rental market
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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/.
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Boca Raton, FL 33486
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BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
INVESTMENT ADVISORS
ADAM TOMBERG
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
Senior Director- Seniors Housing & Healthcare
240.204.5120
brooks.minford@berkadia.com
Brooks Minford
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
5960 Berkshire Ln.
Suite 1000
Dallas, TX 75225
DALLAS OFFICE
Managing Director
Multifamily
972.458.4589
jay.gunn@berkadia.com
JAY GUNN