INVESTMENT HIGHLIGHTS
LIHTC Property Located in Close Proximity to Schools and Local Employment and Just 30 Minutes Southwest of Mobile
Strong Rental Upside as the Property is Operating Well Below Both Max Allowable Rents as Well as Rents Observed at Comparable Properties
Strong Historical Operations with a Vacancy Rate Averaging Below 2% Since the Beginning of 2020 and below 1.0% in 2022 alone
The Mobile County Area Median Income is projected to increase by 6.32% in 2023
Bayou La Batre is a Fishing Village with a Seafood-Processing Harbor for Fishing & Shrimp Boats and is also a Center for Shipbuilding
EXECUTIVE SUMMARY
Bayou Bend Apts. is a 55-unit affordable housing community located in Bayou Le Batre, AL, approximately 30 miles south of Mobile. The property is conveniently located minutes from shopping, medical care, schools, and entertainment.
The property was built and placed in service in 2008 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the Alabama Housing Finance Authority. The property is beyond its initial tax credit compliance period.
Residents benefit from community amenities such as an on-site manager, laundry facilities, planned social activities, a business center, clubhouse, playground, and picnic area. Unit amenities include air conditionig, washer & dryer connections, ceiling fans, a patio/balcony, and a full appliance package in the kitchen,
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AMENITIES
• Laundry Faciliites
• On-Site Maintenance
• On-Site Manager
• Planned Social Activities
• Business Center
• Clubhouse
• Playground
• Picnic Area
APARTMENT FEATURES
• Washer & Dryer Connections
• Air Conditioning
• Ceiling Fans
• Security System
• Patio/Balcony
• Full Appliance Package
THE ASSET
GALLERY
8730 University Rd. – Bayou La Batre, AL 36509
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8730 University Rd. – Bayou La Batre, AL 36509
BAYOU BEND APTS.
2008
BUILT
58,875
SQ FT
55
UNITS
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BOISE OFFICE
6225 North Meeker Place
Suite 210
Boise, ID 83713
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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/.
JORDAN SKYLES
Director of Operations
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT SALES
david wilson, MAI
Senior Director
Multifamily
256.682.9143
david.wilson@berkadia.com
ADAM TOMBERG
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
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/.
BIRMINGHAM OFFICE
2204 Lakeshore Drive
Suite 120
Birmingham, AL 35209
BIRMINGHAM OFFICE
2204 Lakeshore Drive
Suite 120
Birmingham, AL 35209