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10 Murrah Rd. Ext. - North Augusta, SC 29860
PROPERTY OVERVIEW
Brookstone Apartments is a 48-unit affordable housing community located in North Augusta, SC. The property is conveniently located minutes from major retailers including, Walmart Supercenter and Food Lion. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well.
The property was built and placed in service in 2008 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% and 60% of the Area Median Income (AMI) limits, which are provided by the South Carolina Housing.
Brookstone Apartments offers one, two, and three bedroom apartment homes featuring fully equipped kitchens with dishwashers, garbage disposals, ice makers, washer and dryer connections, walk-in closets, ceiling fans, and sunrooms. Community amenities include a community center, computer lab, playground, and an on-site laundry facility.
Potential opportunity to assume the existing HOME Loan which has a 0.5% interest rate and no principal due until Maturity in 2039
The property is operating $300+ below comparable market rate assets, Illustrating the potential rental and operational upside
The Edgefield County HERA Special rent and income limits increased by 11.28% in 2024, creating significant additional rental upside at the asset
Excellent FMR Growth in Edgefield County with an increase of 43.25% on One, Two, and Three Bedrooms Since 2018
INVESTMENT HIGHLIGHTS
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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.
© 2024 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/.
601 Union St.
Suite 3909
Seattle, WA 98101
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Thomas Colaiezzi
Director
Multifamily
704.565.9391
thomas.colaiezzi@berkadia.com
NC License #: 332976
MORTGAGE BANKER
Blake Coffey
Senior Director
Multifamily
843.628.3766
blake.coffey@berkadia.com
SC License #: 93629
Managing Director
770.286.6446
heather.olson@berkadia.com
Heather Olson
774 South Shelmore Blvd.
Suite 105
Mount Pleasant, SC 29464
CHarleston OFFICE
PROPERTY Stats
48
UNITS
2008
Built
58,216
sF
INVESTMENT ADVISORS
4201 Congress St.
Suite 200
Charlotte, NC 28209
Charlotte OFFICE
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
WA License #: 22019732
Adam Tomberg
Managing Director
Multifamily
843.628.3765
mark.boyce@berkadia.com
SC License #: 57243
mark boyce
Managing Director
Multifamily
314.607.3481
caleb.troop@berkadia.com
SC License #: 294646
Caleb Troop