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4132 Carmichael Rd. - Montgomery, AL 36106
PROPERTY Stats
288
UNITS
2007/2008
Renovated
241,862
sF
PROPERTY OVERVIEW
Bristol Downs Apartment Homes is a 288-unit mixed-income housing community located in Montgomery, AL, 10 minutes from downtown. The property is conveniently located minutes from major retailers, including The Fresh Market, Lowe’s, and Sam’s Club. Numerous restaurants, entertainment, outdoor recreation areas, and major transportation arteries are nearby as well. Montgomery is home to Alabama State University, Auburn University Montgomery, and Huntingdon College which are all easily accessible from the property.
Originally built in 1975, the property was resyndicated under the Section 42 Low-Income Housing Tax Credit (LIHTC) program, being placed in service in 2007 & 2008 after a very extensive renovation. There is an existing regulatory agreement in place which requires at least 79% of the units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by the Alabama Housing Finance Authority. The remaining units are unrestricted- i.e., it is a “mixed income” property.
Bristol Downs Apartment Homes is comprised of studio, one, two, three, and four bedroom apartment homes featuring fully-equipped kitchens, patios, spacious floorplans, and washer/dryers, and detached garages are available to tenants for an additional fee. Community amenities include a volleyball court, playground, laundry center, fitness center, community grilling area, business center, two swimming pools, and 24-hour maintenance.
288-unit LIHTC property with 54 of the units being unrestricted and receiving significantly higher rents
The property is currently operating at a discount to comparable properties resulting in a high occupancy rate of 96% over the trailing-12 months
The property is anticipated to be qualified contract eligible starting in 2027, potentially providing significant additional upside at the property
Montgomery is the state capitol of Alabama and the second most populous city in the state with 196,010 residents calling it home in 2023
INVESTMENT HIGHLIGHTS
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
David Wilson, MAI
Senior Director
Multifamily
256.682.9143
david.wilson@berkadia.com
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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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BRANDON GRISHAM
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253.653.3313
brandon.grisham@berkadia.com
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TIM LEONHARD
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504.458.1626
tim.leonhard@berkadia.com
CHRIS CRUMP
Managing Director
504.722.1999
chris.crump@berkadia.com
2204 Lakeshore Dr.
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Birmingham, AL 35209
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