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210 Crossing Ln. - Dothan, AL 36303
PROPERTY OVERVIEW
Beverlye Crossings Apartment Homes is a 104-unit affordable housing community located in Dothan, AL. The property is conveniently located less than three miles from Alabama College of Osteopathic Medicine and Fortis College and minutes from major retailers including Walmart Supercenter, Winn-Dixie, and Publix. A variety of restaurants, healthcare, schools, and major transportation arteries Highway 84 & 431 are also easily accessible from the property.
The property was built and placed in service in 2006 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 the Area Median Income (AMI) limits and rent restricted at the lessor of 50% AMI or Fair Market Rents, which are provided by the Alabama Housing Finance Authority (AHFA).
Beverlye Crossings Apartment Homes offers spacious two and three bedroom apartment homes that come standard with air conditioning, heating, and fully equipped kitchens. Residents enjoy a variety of community amenities that include gated access, a swimming pool, a playground, and a pet park.
Excellent rental upside as the property is operating with average rents at a $85 discount to the max net allowable rents, while comparable market rate properties are receiving rents $250+ higher than the subject property
Terrifically performing asset with an occupancy rate of greater than 98% over the trailing-12 months
The property is well-located, positioned within a mile of Southeast Health, a 420-bed hospital, along with various other area amenities
The Dothan, AL MSA has been a high rental growth market as evidenced by the increases in the HUD Fair Market Rents, which have grown by 30% over the last two years on two and three bedroom units
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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
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INVESTMENT ADVISORS
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
Senior Director
Multifamily
256.682.9143
david.wilson@berkadia.com
DAVID WILSON, MAI
2204 Lakeshore Dr.
Suite 120
Birmingham, AL 35209
BIRMINGHAM OFFICE
MORTGAGE BANKING
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
PROPERTY Stats
104
UNITS
2006
Built
119,808
sF
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
jeff irish
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